PM approves equitisation and restructuring plan for Petrolimex

Vietnam National Petroleum Corp (Petrolimex) with a chartered capital of 10.7 trillion dong will auction 27,425,933 shares or 2.56% of its chartered capital to the public.

The prime minister Nguyen Tan Dung recently approved the equitisation and restructuring plan for Petrolimex whereby the state holding will be retained and the company will issue more shares to hike its chartered capital. The state will hold minimum 75% stake.

Petrolimex with a chartered capital of 10.7 trillion dong will make its IPO (initial public offering) of 1.07 million shares, of which, the shares held by the state are 1,016,401,867 units or 94.99% of its chartered capital.

The remainders will include 21,172,200 preferential shares for the employees (1.98% stake), five million shares for the company’s trade union (0.47% stake) and 27,425,933 shares for auction to the public (2,56% stake).

The representatives for the state holding into Petrolimex after the equitisation will be the Ministry of Industry and Trade (MoIT), Vietnam Oil and Gas Corp and member companies will be restructured to become an associated company group under the parent-subsidiary operation model.

After restructuring, members of Vietnam Oil and Gas Corp will include three corporations namely Petrolimex Petroleum Waterway Transport Corp, Petrolimex Construction Corp and Petrolimex Service Corp (PSC).

Posted by VBN on Jun 3 2011. Filed under Enterprises, Oil-Gas & Petroleum. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry