Illustrative image (Source: VNA)
Hanoi (VNA) – The PetroVietnam Oil Corporation (PVOil) is completing preparations for its initial public offering (IPO) scheduled for January 25, 2018 in Ho Chi Minh Stock Exchange (HOSE).

To join the IPO, investors are required to pay deposit from 8am on December 22, 2017 to 4pm on January 17, 2018 in agents listed in IPO regulations issued by the HOSE.

PVOil will hold a roadshow in Ho Chi Minh City on January 11, 2018 and in Hanoi on January 12, 2018 to provide information about its equitisation and answer questions about development potential and business opportunities.

The corporation has a total chartered capital of 10.3 trillion VND (459.6 million USD), 35.1 percent of which is sourced from the Vietnam National Oil and Gas Group (PetroVietnam).

Up to 1,864,300 shares, or 0.18 percent of the chartered capital, will be sold to workers while 206,845,900 shares or 20 percent will be up for IPO and 462,504,745 others or 44.72 percent will be for strategic investors.

Foreign investors are able to own 49 percent stake in the company at the starting price of 13,400 VND per share.

Following the IPO, PVOil will sell shares to strategic investors at negotiated or competitive asked prices.

As a subsidiary of PetroVietnam, PVOil majors in crude oil import-export, international crude oil trading, petroleum manufacturing and processing, bio-fuel processing and distribution.

PVOil now has 28 subsidiaries, 11 affiliated companies and nine branches, and a distribution network in 63 cities and provinces nationwide with 540 petrol stations and more than 3,000 petrol agents.  It has also opened branches in Laos and Singapore.-VNA