PetroVietnam subsidiaries raise $320.5m in IPOs

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The initial public offerings of three subsidiaries of the Vietnam Oil and Gas Group (PetroVietnam) raised VND7.45 trillion (US$320.5 million) in the first half of this year, a company official said. 

Under a comprehensive restructuring roadmap, by 2020 PetroVietnam plans to equitise all its subsidiaries. — Photo pvn.vn

The initial public offerings of three subsidiaries of the Vietnam Oil and Gas Group (PetroVietnam) raised VND7.45 trillion (US$320.5 million) in the first half of this year, a company official said.

Dinh Van Son, member of PetroVietnam’s Member Council, was giving details of the IPOs at a conference held to review the equitisation of PetroVietnam Oil Corporation (PVOil), PetroVietnam Power Corporation (PV Power) and the Binh Son Refining and Petrochemical One Member Co Ltd (BSR) last week.

Accordingly, BSR successfully auctioned 241.million shares, or 7.79 per cent of its charter capital, for over VND5.4 trillion.

Meanwhile, PV Power and PVOil sold over 467.8 million shares and 200.4 million shares, raising VND2.3 trillion and VND2 trillion, respectively.

Addressing the conference, PetroVietnam chairman Tran Sy Thanh said the equitisation would enable the restructuring of the three companies, thus improving their efficiency amid the increasing competition in the oil and gas market.

Under a comprehensive restructuring roadmap, by 2020 the group plans to equitise all its subsidiaries.

Its steering committee for equitisation has worked closely with relevant agencies to organise road shows to showcase investment opportunities in the oil and gas sector. PetroVietnam operates in oil and gas exploration and production besides a number of downstream industries. — VNS

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