A Vietnamese gas trading company said on Tuesday it would auction shares to the public on the country's main stock market in early March to raise at least 3mio US$.
Petrovietnam Southern Gas Company, a member of the National Oil and Gas Group, said in a statement it would sell 4,703,800 shares, or 31.36% of the company's total, in an initial public offering on March 9.
The company has set a starting price for bids at 10,500 dong (0.65 US$) per share, which suggested the firm would be valued at 9.75mio US$. The gas company has yet to announce a listing date.
BIDV Securities Co is advising on the share sale of the firm, which exports, imports and trades liquefied petroleum gas (LPG) as well as provides LPG transportation services.
LPG is typically bottled in canisters and used as a cooking fuel in areas without gas pipeline systems.
Vietnam's LPG production last year eased 0.7% to 343,400 tonnes following a fall of 0.3% in natural gas output to 6.42 billion cubic metres, government figures showed.
Earlier this month, Prime Minister Nguyen Tan Dung told Reuters that Vietnam planned to privatise more than 100 state companies in 2007 and 2008, including the oil and gas industries.
The National Oil and Gas Group began operation on Monday after being restructured from state oil monopoly Petrovietnam.
Petrovietnam Vice President Hoang Van Hoan told Reuters recently that the firm would sell off stakes in non oil-producing subsidiaries but maintain 100% government ownership in core businesses such as crude oil production.
The government has been speeding privatisations to boost the stock market's value to 30% of gross domestic product this year, from 13.6 billion US$ or 22.7% of the 2006 GDP.
Hanoi has said it will retain full ownership or major stakes only in industries linked closely to national defence and security.
State-run companies often undergo partial privatisation by selling shares to employees and outsiders before applying for a licence to list shares on the stock market.
Source: Reuters
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