Binh Son Refinery to hold IPO in early 2018
Binh Son Refining and Petrochemical Company Limited (BSR) plans to float 242 million shares, equivalent to 7.79 percent of its chartered capital, in an IPO scheduled for January 17.
One corner of the Dung Quat Oil Refinery.(Photo: VNA)Quang Ngai (VNA) – Binh Son Refining and Petrochemical Company Limited (BSR) plans to float 242 million shares, equivalent to 7.79 percent of its chartered capital, in an initial public offering (IPO) scheduled for January 17 on the Ho Chi Minh Stock Exchange (HOSE).
The information was announced at a seminar held at the HOSE on December 20.
Each share will be sold at the initial price of 14,600 VND.
BSR is a wholly-owned subsidiary of Vietnam National Oil and Gas Group (PetroVietnam) and operator of the 3 billion USD Dung Quat Oil Refinery, the first oil refinery in the country.
Under Decision No.1978/QD-TTg on December 8 on the approval of the firm’s equitisation plan, PetroVietnam will hold more than 1.33 billion shares, or 43 percent of the chartered capital. More than 6.4 million preferential shares will be sold to workers at the company while more than 1.5 billion shares will be owned by strategic investors.
To date, 17 investment funds and five large groups have shown interest in the company. World Petro (the US) and MacronPetro Petroleum (Africa) have registered to buy every share offered to investors.
In addition, Repsol Group from Spain, Brunei National Petroleum Company, Indonesia’s state-owned oil and natural gas corporation Pertamina and Singapore Refining Company are interested in BSR. Repsol also wants to join management and crude oil trading at the Dung Quat Oil Refinery.
Dung Quay Oil Refinery’s stocks are also attractive to other large oil and gas corporations like Rosneft (Russia), SK (Republic of Korea) and PTT (Thailand).
During January-November, BSR earned total revenue of 71.9 trillion VND (3.17 billion USD), surpassing yearly plan by 15.8 percent, and contributed more than 9 trillion VND (396.9 million USD) to the state budget.-VNA
You should also see
Public screening of documentaries to mark anniversary of Dien Bien Phu Victory
The National Documentary and Scientific Film Studio (DSF) will host a documentary film screening programme between May 3-5 to commemorate the 70th anniversary of the Dien Bien Phu Victory (May 7, 1954 - 2024).
See more
Business
Long An province seeks deeper economic ties with RoK
Vice Chairman of the People’s Committee of the Mekong Delta province of Long An Nguyen Van Ut has expressed determination to develop ties with agencies, organisations and businesses of the Republic of Korea (RoK) following his working trip to the Northeastern Asian country from April 22-26.
Business
Vingroup approves 2024 business plan, to list Vinpearl on market
At the General Meeting of Shareholders held in Hanoi on April 25, Vingroup received approval for its ambitious 2024 business plan.
Business
Vietnam ranks third in Southeast Asia in startup investment attraction
Vietnam maintained its third position in the number of investment deals and regained the third place in terms of total investment in startups in Southeast Asia.
Videos
FDI flow into garment and textile sector bounces back
The flow of foreign direct investment (FDI) into the Vietnamese garment and textile sector has rebounded thanks to the country’s sound investment climate and abundant workforce as well as its open economy, according to insiders.
Videos
Banks expect credit growth from Q2
Banks are expecting an improvement in credit growth from the second quarter of 2024, especially now that loan interest rates have decreased, exports gradually recovered, and domestic consumption increased.
