Petrovietnam Tourism and Services Company, a subsidiary of state oil group Petrovietnam, said on Monday it would make its debut on the country's main stock market, the Ho Chi Minh Stock Exchange, next month.
The Ho Chi Minh City-based firm, also known as Petrosetco, would list all 25,530,000 shares on Sept. 12, Chairman Tran Cong Tao said in a statement.
The firm is valued at $98.5 million, based on the unofficial market's share price of around 62,500 dong ($3.86).
Petrosetco, 51 percent owned by Petrovietnam, provides various services to Vietnam's key energy industry, operates tours, food processing and warehousing services and deals with real estate.
Vietnam is Southeast Asia's third-largest producer of crude oil, its largest foreign exchange earner.
Under a deal signed with a Petrovietnam urea producer for the sale of 100,000 tonnes of urea annually, Petrosetco has been building a network to deliver the fertiliser to central and southern provinces, a report issued to shareholders said.
Petrosetco said it had formed a subsidiary, PV Telecom, to tap the fast rising telecoms market. In May, it started distributing Nokia mobile phones in competition with the country's top information technology firm, FPT.
It is preparing to start construction of a 39-storey building in Ho Chi Minh City in January 2008. The building would have apartments, office and commercial centre space for rent.
Petrosetco expects its 2007 net profit to soar 586 percent from last year to 31.8 billion dong ($1.97 million) and revenues to jump 280 percent to 2.07 trillion dong ($128 million).
In March, Petrosetco signed a deal with Japan's Itochu Corp. to build a $100 million ethanol plant using tapioca chips, Vietnam's first.
When operational in early 2009, the plant would produce 400 million litres of ethanol that would help meet half the bio-ethanol demand in a country which lacks major refineries.
Source: Reuters
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