State-run Petrovietnam Fertiliser and Chemicals Company (PVFCC), with a market value of $1.4 billion, plans to list on domestic markets within the third quarter, the company said on Monday.
Shareholders of PVFCC, 60.05 percent owned by state oil and gas Petrovietnam group, have asked its management board to seek a listing either on the Ho Chi Minh Stock Exchange or the over-the-counter Hanoi market, Chairman Dinh Huu Loc said in the statement.
Loc did not say how much PVFCC planned to raise from the listing.
Shares in PVFCC eased to 58,000-60,000 dong ($3.6-$3.7) on the unofficial markets late last week from 63,000-65,000 dong in late June prior to the listing decision.
Shareholders met on June 30 for the first time after PVFCC sold one third of its shares to the public at an initial public offering in April, and raised more than $430 million.
State-run Vietindebank, Vietnam's second-largest by assets, owns 19 million shares in PVFCC, or 5 percent of the company. Asia Commercial Bank (ACB), one of Vietnam's two listed banks, owns 1 percent with 3.8 million shares.
PVFCC operates Vietnam's only fertiliser plant, the Phu My Urea Plant in the southern province of Ba Ria-Vung Tau. Its urea production and the fertiliser it imports meet 40 percent of Vietnam's domestic demand.
Source: Reuters
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