Vietnam Biggest Finance Co Approved to List on Stock Exchange
PetroVietnam Finance Corp. (PVFC), Vietnam’s biggest financial firm, has got approval from the State Bank of Vietnam to list shares on the Ho Chi Minh Stock Exchange (HOSE).
PVFC will have to seek permission from HOSE for the listing.
PVFC, an affiliate to Vietnam Oil & Gas Group, is now the largest financial company in Vietnam with total assets of VND40.6 trillion as of June 30, 2008.
The company had outstanding loans of VND16.4 trillion as the end of June, doubling that in late last year when the figure was more than VND8 trillion. Its investment balance increased 133 per cent in the period to VND10.8 trillion.
In the first six months, PVFC gained revenues of VND1.77 trillion, up 37.7 per cent on year. Its gross profit totaled VND198 billion in the period.
The Hanoi-based company is also preparing to set up a representative office in Singapore and list shares on this market.
PVFC has just inked a deal with PV Oil to advise and manage its cash flow until the end of 2009.
At present, Morgan Stanley owns a 10 per cent stake in PVFC.
Meanwhile, Hoa Sen Group has got approval to list 57 million shares on the Ho Chi Minh City Stock Exchange. (HOSE, Vietnam Economic Times)
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