PV Oil stakes entice eight foreign investors

Among the eight investors expressing interest in buying PVOil stakes are six foreign companies and two domestic. All six foreign investors are famous international oil companies, Duong said on January 12.“We have received an application from a foreign investor who expressed a wish to buy 49% of the PV Oil shares, the cap set for foreign investors.”Because other foreign investors want to buy a stake between 25% and 35%, the total shares investors have registered to buy has exceeded the number of shares that PV Oil is allowed to sell, the CEO added.PV Oil, a subsidiary of the Vietnam National Oil and Gas Group (PetroVietnam) and the country’s sole crude oil exporter, plans to offer 20% of its shares in an initial public offering (IPO) on January 25 on the HCM Stock Exchange, at an initial price of VND13,400 per share. With nearly 207 million shares offered in the IPO, the company hopes to raise at least US$122 million. PV Oil would also offer up to an additional 44.72% or 462 million shares to strategic investors and another 0.18% to employees. The Government’s ownership is expected to be reduced to 35.1% after the equitisation is completed.Foreign ownership of PV Oil is capped at 49 percent of its charter capital.According to Duong, investors seeking to become strategic investors at PV Oil must commit to long-term investment in PV Oil by keeping their stock for at least 10 years.In addition, strategic investors have to commit to prioritise buying petroleum products from Dung Quat Refinery… [Read full story]


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