PetroVietnam Offshoot Expects to Sell 30 per cent Stake to Foreigners

Petroleum Technical Services Company (PTSC), a subsidiary of the state-run petroleum monopoly PetroVietnam, is eyeing to sell 30 million shares, or 30 per cent of its stake, to foreign individuals and institutional investors in its forthcoming initial public offering (IPO).

 

This is among the PTSC’s plan to offer 37.2 million shares to the public in a bid to conduct its privatization plan.

 

All the shares will be sold via auctioning at the Hanoi stock exchange, expected to fall on August 28.

 

Once going public, PTSC will run as a joint stock company, with main businesses being providing services such as shipping, harborage, oil and gas exploration, manufacturing, and O&M.

 

The firm will operate with a registered capital of VND1 trillion, of which the state holds 60 per cent stake, staff 2.7 per cent and other investors 37.3 per cent.

 

PTSC has the return on equity (ROE) ratios of 15.1 times in 2003, 14 per cent in 2004 and 14.8 in 2005, while its return on asset (ROA) in last three years was 5.3 times, 5.4 and 6.9, respectively.