PetroVietnam to Boost Stake Divestment in Listed Offshoots
Vietnam Oil & Gas Group (PetroVietnam) is mulling to sell stakes in its subsidiaries which have listed on the country’s stock exchange as the share prices are rising, according to PetroVietnam’s Deputy General Director Nguyen Ngoc Su as saying.
The group will consider the amount of shares to sell and the expected value from the sale, Su said.
The shares will be offered at PetroVietnam’s affiliates as PetroVietnam Finance (PVF), PV Drilling (PVD), PetroVietnam Fertilizer (DPM), PetroVietnam Construction (PVC), PV Trans (PVT), Petroleum Technical Services Corp (PVS), the newspaper said.
Up to date, the Vietnamese oil monopoly has privatized 14 units, selling 313.68 million shares in initial public offerings and raking in VND17.5 trillion (US$1.03 billion).
Eleven out of the 14 have been listed on Ho Chi Minh City Stock Exchange and Hanoi Securities Trading Center, many of them are blue-chips.
PetroVietnam targets to reduce state holding in its joint stock companies to below 50 per cent from current 51 per cent-87 per cent. (Stock Investment)
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