3:42:41 PM | 28/9/2007
Recently, international investors on NYSE-Euronext bourse in Paris have showed their interest in shares of ATI Petroleum Company, Ltd. (ATIP), the U.S.’s ATI Group member owned by Vietnamese. Vietnam Business Forum had an interview with Mr Dinh Duc Huu, chairman of ATI Group (American Technologie Inc) and managing director of ATIP Petroleum Company, on this issue.
It is said that shares of ATIP Petroleum Company, a member of ATI Group, listed on NYSE- Euronext exchange in Paris have been drawing special interest from the European and world’s investors. Could you please talk about this in detail?
After receiving approval from board of directors of ATIP Company and ATI Group, ATIP decided to list its 23,317 shares on NYSE-Euronext Stock Exchange, with code of MLATP on September 14, 2007. The shares were traded at a price of EUR2.79 (US$4.00) each share. On the day of listing shares on NYSE – EURONEXT, ATIP market value was EUR333.118 million, equal to US$466 million.
In the trading session on September 17, 2007, ATIP shares price rose by 7.52 per cent, standing at EUR3.00 (US$4.20) each share. The ATIP total market value on NYSE-Euronext in the first trading session was EUR358,192 million (US$501,468 million).
I am very pleased with the above success because this exchange requires strict criteria in the transparency of information and financial statement. With the listing, the big exchange will become an effective capital channel not only for ATIP but it will also facilitate ATI’s other business activities such as green tourism development, seafood cultivation and petroleum exploration in Vietnam and other countries in the world.
Why are foreign investors very interested and eager for shares of such a new company as ATIP?
In my knowledge, the increase in crude oil price in the world market, with US$80 /barrel and severe oil scarcity have contributed to making petroleum shares attractive. Meanwhile, ATIP is holding a large oil reserve as it won contract to explore and exploit oil in Africa which is emerging as the best destination in unexploited crude oil reserves.
In my knowledge, the increase in crude oil price in the world market, with US$80 /barrel and severe oil scarcity have contributed to making petroleum shares attractive. Meanwhile, ATIP is holding a large oil reserve as it won contract to explore and exploit oil in Africa which is emerging as the best destination in unexploited crude oil reserves.
This is the reason why ATIP has been present in Africa, exploiting crude oil and gas in countries with large oil reserves of up to one billion barrels, including two oil lots in Tunisia and two lots in Congo Republic.
In addition, ATIP together with its big partners such as Petronas, Singapore Petroleum and PetroVietnam are promoting the exploration and exploitation oil and gas at Lots 102 and 106 in the Tonkin Gulf of Vietnam next year. As a result, European securities experts have highly appreciated shares of ATIP which will have high growth in the coming time. So far, ATIP’s market capitalisation has reached $500 million and this figure will be higher in the future.
Why did ATIP choose NYSE-Euronext exchange in Paris, but not other stock exchanges in the world?
Firstly, we chose NYSE-Euronext exchange in Paris for share listing because France is the gateway to the Europe, at the same time benefiting ATIP’s long-term economic targets. Moreover, almost countries in Africa have economic and diplomatic relations with France. We discover that listing shares on Paris’s stock exchange will be very useful for the development of oil exploration in Africa. Secondly, Euronext has allied with New York Stock Exchange to become the largest stock exchange in the world. Therefore, the capital mobilisation in the Europe or in the U.S. is the same.
Anh Duong
Vietnamese
