Vietnam gears up for divestment from large SOEs

In the first quarter of 2018, the State will sell its stakes in three SOEs owned by the Vietnam National Oil and Gas Group (PetroVietnam), including Binh Son Refining and Petrochemical Co., Ltd (BSR), PetroVietnam Power Corporation (PV Power) and PetroVietnam Oil Corporation (PV Oil), for about VND100 trillion (US$4.4 billion) in total. Binh Son Refining and Petrochemical Company Limited (BSR) plans to float 242 million shares, 7.79% of its chartered capital, in an IPO scheduled for January 17 on the Ho Chi Minh Stock Exchange (HOSE). The shares will be sold at the initial price of VND14,600. PV Power will put more than 468.3 million shares for sale in its IPO on January 31, 2018 on the Hanoi Stock Exchange (HNX) at the price of VND14,400 per share. Meanwhile, PV Oil will offer nearly 207 million shares or a fifth of its charter capital for sale on January 25 on the HOSE at a starting price of VND13,400. Big names in the divestment plan also include Vietnam Rubber Group which has a charter capital of VND50 trillion (US$2.2 billion), Hanoi Beer-Alcohol and Beverage Corporation (HABECO), and Vietnam’s largest dairy company Vinamilk. The rubber group will auction 475 million shares, 11.88% of its total capital to the public in its initial public offering (IPO) next year, at an initial price of VND13,000. The group missed the first deadline for its IPO, which was scheduled for July 2017. The divestment list includes three SOEs under the Ministry of Industry and Trade,… [Read full story]

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