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 $430 million.
State-run Vietindebank, Vietnam's second-largest by assets, owns 19 million shares in PVFCC, or 5 percent of the company. Asia Commercial Bank (ACB), one of Vietnam's two listed banks, owns 1 percent with 3.8 million shares.
PVFCC operates Vietnam's only fertiliser plant, the Phu My Urea Plant in the southern province of Ba Ria-Vung Tau. Its urea production and the fertiliser it imports meet 40 percent of Vietnam's domestic demand.
Source: Reuters
Showing posts with label PVFCC. Show all posts
Showing posts with label PVFCC. Show all posts
Monday, July 16, 2007
Tuesday, April 24, 2007
PVFCC raises more than 430 US$ in IPO
State-run Petrovietnam Fertiliser and Chemicals Company raised more than $430 million in an initial public offering of a third of its shares, brokers said on Tuesday.
The firm, a member of the Petrovietnam group, sold 128,626,600, or 33.8%, of its shares on April 21 at an average price of 54,400 dong ($3.37) each, they said.
The price was nearly 9% above the company's initial bidding price of 50,000 dong ($3.1) and suggested the company was valued at nearly $1.3 billion, brokers in Ho Chi Minh City said.
The firm, known as PVFCC, operates Vietnam's only fertiliser plant, the Phu My Urea Plant in the southern province of Ba Ria-Vung Tau. It has yet to announce a listing plan or say what it plans to do with the proceeds.
The urea it produces and the fertiliser it imports meet 40% of Vietnam's domestic demand.
PVFCC started operations in January 2004 and its Phu My plant is designed to produce 2,200 tonnes of urea per day.
Vietnam still imported 3.05 million tonnes of fertiliser last year, up 5.9% from 2005, but urea imports fell 17.8% to 708,000 tonnes, government statistics show.
Source: Reuters
The firm, a member of the Petrovietnam group, sold 128,626,600, or 33.8%, of its shares on April 21 at an average price of 54,400 dong ($3.37) each, they said.
The price was nearly 9% above the company's initial bidding price of 50,000 dong ($3.1) and suggested the company was valued at nearly $1.3 billion, brokers in Ho Chi Minh City said.
The firm, known as PVFCC, operates Vietnam's only fertiliser plant, the Phu My Urea Plant in the southern province of Ba Ria-Vung Tau. It has yet to announce a listing plan or say what it plans to do with the proceeds.
The urea it produces and the fertiliser it imports meet 40% of Vietnam's domestic demand.
PVFCC started operations in January 2004 and its Phu My plant is designed to produce 2,200 tonnes of urea per day.
Vietnam still imported 3.05 million tonnes of fertiliser last year, up 5.9% from 2005, but urea imports fell 17.8% to 708,000 tonnes, government statistics show.
Source: Reuters
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