Vietnam’s Ho Chi Minh stock exchange has given approval for top fuel importer and distributor Petrolimex to list at 43,200 dong ($1.90) per share, valuing it at $2.46 billion, the exchange said in a statement on Friday.
The listing of Petrolimex, 76 percent owned by the government, is part of the Vietnam’s push to privatise state-owned firms to attract investment. Petrolimex had its initial public offering in 2011, which in Vietnam is a separate step from listing shares.
A total of 1.3 billion shares will be listed on the exchange on April 21, it said. The stock price is allowed to move a maximum of 20 percent up or down from the starting price on its debut day, and up to 7 percent thereafter.
Petrolimex has a market share of 48 to 50 percent of Vietnam’s petroleum retail and distribution business, according to Saigon Securities Incorp (SSI), which advises Petrolimex’s listing.
Petrolimex’s income before tax in 2016 surged 68 percent from a year earlier to 6.3 trillion dong ($276.6 million), but the figure is expected to fall 34 percent this year to 4.1 trillion dong, SSI said.
Source: Tuoi Tre News