Vietnam’s Petrolimex sets ipo for July

Petrolimex, Vietnam’s top oil importer and distributor, is preparing an initial public offering (IPO) for July, state media quoted Vuong Thai Dung, the company’s deputy general director, as saying on Wednesday.

The IPO was approved in late May. The firm has said it would offer 27.43 million shares, or 2.56 percent of its registered capital of 10.7 trillion dong. The state will retain a 94.99 percent stake after the sale.

The online news website VNExpress (vnexress.net) said Petrolimex officials expressed confidence the IPO would attract investors despite the weakness of domestic stock markets in recent months.

Petrolimex, also known as the Vietnam National Petroleum Corporation, has around half of the domestic fuel and oil products market.

Vietnam imported 5.14 million tonnes of oil products between January and May, down 6.9 percent from a year before, government data shows. – Reuters

Tags: Petrolimex, Petrolimex IPO

Posted by VBN on Jun 16 2011. Filed under Oil-Gas & Petroleum, Stock. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry