PetroVietnam to Boost Mergence among Affiliates
The state-run Oil and Gas Group (PetroVietnam) is speeding up the process of merging its subsidiaries as a move to strengthen their operations.
Nguyen Ngoc Su deputy chief executive officer of PetroVietnam said PVLand and PetroVietnam Premier Recreation JSC (PVR) will be merged into PetroVietnam Construction JS Corp.; Sao Mai Ben Dinh Co. and Drilling Rig Building Co. into PetroVietnam Technical Services JSC.
PetroVietnam Trade Union Finance Investment Corp., meanwhile, will become offshoot of PetroVietnam Finance Corp., and PV Media will be affiliate of PetroVietnam Insurance Corp.
PetroVietnam Securities Co. is providing consultancy for 10 M&A deals of the group, Su said.
The oil group will conduct merging small-sized subsidiaries into large ones on the basis of public offerings.
It also targets to reduce state holding in its joint stock affiliates to below 50% from current 51%-87%. (Stock Investment)
Vietnamese
10/12/2024
Hanoi, Ho Chi Minh City
