State-run oil and gas group affiliate PetroVietnam Fertilizer and Chemical Co (PVFC Co) is set to sell 33.85% of its capital in an IPO on April 21.
The company, with a chartered capital of VND3.8 trillion (US$237 million) will sell over 128.6 million shares to outsiders at a starting price of VND50,000 per share.
Trinh Thanh Binh, general director of the company said the IPO, involving the sale of over 128 million shares, represents the largest such share auction ever in the country.
Between April 2 and April 12, the deadline for auction registration investors are advised to register their purchases and attend a briefing on the firm at 14 securities companies in the Ho Chi Minh City and Hanoi.
The IPO is to be held at the HCMC Securities Trading Center.
PVFC Co, Vietnam’s largest nitro-fertilizer producer with a factory at the Phu My Power-Fertilizer-Gas Complex in the Ba Ria- Vung Tau Province, mainly produces urea, ammonia liquid, industrial gas, and other gas-originated products.
It posted a turnover last year of VND2.9 trillion from selling urea and ammonia products, a year-on-year increase of 10%.
The firm, which churns out 800,000 tons of urea per year, meets 40% of the nation’s urea demand and up to 60% in the southern region.
The Phu My factory started production in 2004 with a total investment capital of $380 million, contributing to lessen agricultural reliance on imported urea.
The country has two state-run fertilizer factories in operation, the other being the northern Bac Giang-based Ha Bac factory, which has a smaller annual output of 150,000 tons of urea.
Source: Thanh Nien
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