Vietnam's Petrolimex Petrochemical Company (PLC) raised $4 million from auctioning around 1 million new shares on Monday, the over-the-counter Hanoi stock market said.
The Hanoi-based firm had said it wanted to raise at least $18.6 million by selling 5 million shares, but investors bought only 1,096,500 shares at the auction at an average price of 60,250 dong, the market said in a statement.
Foreigners bought 754,500 shares, it said without giving a reason for the lower-than-expected sale.
The company, also known as PLC, produces and trades lubricants and bitumen.
It plans to sell another tranche of 5 million new shares next year to raise its chartered capital to 250 billion dong ($15.5 million) from 150 billion dong.
State-owned parent Petrolimex, which controls 60 percent of Vietnam's oil product import and retail market, would reduce its stake in PLC to 51 percent by 2010 from 85 percent now, PLC's prospectus published last month said.
Shares in PLC closed down 11 percent at 52,500 dong ($3.3) on Monday, valuing the firm at nearly $50 million.
Source: Reuters
Showing posts with label Petrolimex. Show all posts
Showing posts with label Petrolimex. Show all posts
Monday, July 16, 2007
Friday, June 15, 2007
Petrolimex unit to raise $19 mln via shares
Vietnam's Petrolimex Petrochemical Company said on Wednesday it would raise US$18.6 million by auctioning 5 million new shares next month to boost its chartered capital.
"The starting prices for the bids have been set at VND60,000 ($3.7), or six times the share's face value," the official from the Hanoi-based company said Wednesday.
The firm, also known as PLC, will auction the shares on July 12 at the over-the-counter Hanoi stock market, the market said in a statement.
PLC, which produces and trades lubricant and bitumen, aims to sell another tranche of 5 million new shares next year to achieve its target to raise chartered capital to VND250 billion ($15.5 million) from VND150 billion now, the official said.
Its state-owned parent Petrolimex, which controls 60 percent of the country's oil product import and retail market, would reduce its stake in PLC to 51 percent by 2010 from 85 percent now, PLC's prospectus published on Wednesday said.
Last December the company listed all of its 15 million shares on the Hanoi stock market.
Shares of PLC closed at VND67,500 ($4.2) on Wednesday, down 2.88 percent, valuing the company at around $63 million.
Source: Thanh Nien
"The starting prices for the bids have been set at VND60,000 ($3.7), or six times the share's face value," the official from the Hanoi-based company said Wednesday.
The firm, also known as PLC, will auction the shares on July 12 at the over-the-counter Hanoi stock market, the market said in a statement.
PLC, which produces and trades lubricant and bitumen, aims to sell another tranche of 5 million new shares next year to achieve its target to raise chartered capital to VND250 billion ($15.5 million) from VND150 billion now, the official said.
Its state-owned parent Petrolimex, which controls 60 percent of the country's oil product import and retail market, would reduce its stake in PLC to 51 percent by 2010 from 85 percent now, PLC's prospectus published on Wednesday said.
Last December the company listed all of its 15 million shares on the Hanoi stock market.
Shares of PLC closed at VND67,500 ($4.2) on Wednesday, down 2.88 percent, valuing the company at around $63 million.
Source: Thanh Nien
Tuesday, June 05, 2007
State-owned enterprises: strong or weak?
Looking at data of the General Department of Statistics and the Ministry of Finance on State-owned enterprises (SOEs), some noteworthy things can be seen.
In terms of quantity, by early 2006, Vietnam had 4,086 operating SOEs, accounting for only 3.6% of the total active enterprises in Vietnam, and equivalent to less than one-third of the total SOEs in the pre-renovation period. As the equitisation process is accelerated, this ratio will decrease more quickly.
Of the total number of SOEs, the number of SOEs that are managed by provincial and municipal governments is higher than that of those controlled by the central government (55.3% and 44.7%, respectively). The SOEs of the first kind have smaller scale and less modern equipment and technology as well as lower business effectiveness than the second, so the number of SOEs of this kind is high.
Moreover, the mechanism in which SOEs are managed by ministries and provincial People’s Committees is unsuitable to the market economy, which Vietnam is building because in the market economy, all businesses compete equally. This fact requires higher speed of equitisation.
Though the average labour scale of SOEs is higher than private and foreign-invested ones (499.5 workers compared to 28.2 and 330.2 people, respectively) the number of workers in SOEs is gradually declining in total number (from over 4.114 million in early 2002 to nearly 2.041 million in early 2006) and percentage of total number of workers in all kinds of businesses (from 53.8% to 32.7% in the same period).
Though the average capital of SOEs is higher than that of private and foreign-invested ones (VND327.5 billion compared to VND5.8 billion and VND132.5 billion), the percentage of capital of SOEs of the total capital of enterprises has declined, from 55.9% in 2001 to 54.9% in 2005, while that of private businesses has increased, from 12% to 25% in those same years.
According to the Finance Ministry, the total assets of SOEs reached VND747.4 trillion in early 2006. However, debts accounted for 22.2% and 76% of the volume were bank loans.
Except for SOEs that benefit from business advantages and enjoy special preferential policies, the business effectiveness of other SOEs is low.
The Vietnam Oil and Gas Group (PetroVietnam) earned revenue of VND42.31 trillion and VND24.924 trillion of profit; VND38.818 trillion and VND3.2 trillion for the Electricity of Vietnam (EVN) group; VND32.76 trillion and VND11.56 trillion for the Vietnam Post and Telecommunications Group (VNPT); VND22.788 and VND3.130 trillion for the Coal and Minerals Group.
SOEs that contributed greatly to the State Budget were the Vietnam Petroleum Import Export Corporation (VND8.252 trillion), the Vietnam National Tobacco Corporation (VND3.13 trillion), and the Saigon Beverage Corporation (VND2.13 trillion).
In the 2001-2005 period, the revenue of SOEs rose by 9.1% per annum only and it was just 7.2% in 2005, just a little bit higher than the increase of the consumer price index.
There were many ineffective SOEs and most of them operate in the fields of agriculture, paper, textiles, sericulture, sugar and sugarcane, and seafood. The total losses of SOEs in 2005 were VND1.919 trillion. Loss-making SOEs accounted for 19.5% and 8.8% broke even.
Big loss-making SOEs were the Vietnam Cement Corporation, Coffee Corporation, Transport Work Construction Companies 5 and 6, Thang Long Construction Corporation, Sericulture Corporation with losses from VND220 to VND1,352 billion, 13 times more than the average capital of SOEs.
Major reasons for the weakness of SOEs include backward equipment and technology; poor use of modern equipment (if possessed at all); total investment too big, leading to high deductions and loan interest in production costs; waste in production processes; and higher expenses for salary.
The above analysis shows that it is necessary to speed up equitisation while improving the quality of operations of SOEs so they can compete with foreign rivals when Vietnam opens its door more widely.
Source: VNE
In terms of quantity, by early 2006, Vietnam had 4,086 operating SOEs, accounting for only 3.6% of the total active enterprises in Vietnam, and equivalent to less than one-third of the total SOEs in the pre-renovation period. As the equitisation process is accelerated, this ratio will decrease more quickly.
Of the total number of SOEs, the number of SOEs that are managed by provincial and municipal governments is higher than that of those controlled by the central government (55.3% and 44.7%, respectively). The SOEs of the first kind have smaller scale and less modern equipment and technology as well as lower business effectiveness than the second, so the number of SOEs of this kind is high.
Moreover, the mechanism in which SOEs are managed by ministries and provincial People’s Committees is unsuitable to the market economy, which Vietnam is building because in the market economy, all businesses compete equally. This fact requires higher speed of equitisation.
Though the average labour scale of SOEs is higher than private and foreign-invested ones (499.5 workers compared to 28.2 and 330.2 people, respectively) the number of workers in SOEs is gradually declining in total number (from over 4.114 million in early 2002 to nearly 2.041 million in early 2006) and percentage of total number of workers in all kinds of businesses (from 53.8% to 32.7% in the same period).
Though the average capital of SOEs is higher than that of private and foreign-invested ones (VND327.5 billion compared to VND5.8 billion and VND132.5 billion), the percentage of capital of SOEs of the total capital of enterprises has declined, from 55.9% in 2001 to 54.9% in 2005, while that of private businesses has increased, from 12% to 25% in those same years.
According to the Finance Ministry, the total assets of SOEs reached VND747.4 trillion in early 2006. However, debts accounted for 22.2% and 76% of the volume were bank loans.
Except for SOEs that benefit from business advantages and enjoy special preferential policies, the business effectiveness of other SOEs is low.
The Vietnam Oil and Gas Group (PetroVietnam) earned revenue of VND42.31 trillion and VND24.924 trillion of profit; VND38.818 trillion and VND3.2 trillion for the Electricity of Vietnam (EVN) group; VND32.76 trillion and VND11.56 trillion for the Vietnam Post and Telecommunications Group (VNPT); VND22.788 and VND3.130 trillion for the Coal and Minerals Group.
SOEs that contributed greatly to the State Budget were the Vietnam Petroleum Import Export Corporation (VND8.252 trillion), the Vietnam National Tobacco Corporation (VND3.13 trillion), and the Saigon Beverage Corporation (VND2.13 trillion).
In the 2001-2005 period, the revenue of SOEs rose by 9.1% per annum only and it was just 7.2% in 2005, just a little bit higher than the increase of the consumer price index.
There were many ineffective SOEs and most of them operate in the fields of agriculture, paper, textiles, sericulture, sugar and sugarcane, and seafood. The total losses of SOEs in 2005 were VND1.919 trillion. Loss-making SOEs accounted for 19.5% and 8.8% broke even.
Big loss-making SOEs were the Vietnam Cement Corporation, Coffee Corporation, Transport Work Construction Companies 5 and 6, Thang Long Construction Corporation, Sericulture Corporation with losses from VND220 to VND1,352 billion, 13 times more than the average capital of SOEs.
Major reasons for the weakness of SOEs include backward equipment and technology; poor use of modern equipment (if possessed at all); total investment too big, leading to high deductions and loan interest in production costs; waste in production processes; and higher expenses for salary.
The above analysis shows that it is necessary to speed up equitisation while improving the quality of operations of SOEs so they can compete with foreign rivals when Vietnam opens its door more widely.
Source: VNE
Wednesday, April 11, 2007
Firms discriminated on new share offers
Some publicly listed enterprises have violated the law by discriminating amongst shareholders in the process of issuing new shares, said Nguyen Dinh Cung, head of the Working Group on Enterprise Law Implementation under the Central Economic Management and Research Institute.
VIPCO (VIP), with chartered captial of VND421.2 billion (US$26.32 million), lists on the HCM City bourse. In its annual shareholder meeting last month, the company planned an additional share issue in order to raise its chartered capital to VND600 billion ($37.5 million).
Under its plan, VIPCO decided to issue 17,880,000 shares, of which Petrolimex, already holding a 51-per-cent interest, would buy 9,118,800 shares at an issue price of VND15,000 ($0.93) per share. Other current shareholders would be allowed to buy the remaining 8,761,200 shares at a ratio of 50:21 at a price over VND40,000 ($2.50) per share.
Before issuing additional shares, listed enterprises must comply with provisions in three legal documents, including the Law on Enterprises, the charter of each enterprise and administrative regulations applied to listed enterprises, noted Nguyen The Tho, head of the Issuance Management Board of the State Securities Commission.
Under these regulations, shareholders must be treated equally, and shareholders with the same classes of shares must enjoy the same rights and benefits.
Article 78 of Law on Enterprises provided that enterprises must issue common shares, Cung said. Preferred shares, paying dividends and carrying higher voting power, were only optional.
"It’s ridiculous to say that because founding shareholders have contributed more than current shareholders, they were priviledged to buy more or buy at lower prices," Cung said.
Cung accused VIPCO, along with Xuan Mai Concrete Co and Vitaco, with violating the law. He said that, in the case of VIPCO, shareholders had a right to raise their voices in spite of the fact that unlawful decisions were ratyfied in the shareholders meeting.
Regulations governing listed companies entitle shareholders to protect their interests under the law. Resolutions adopted by shareholders that violate the basic interests or rights of shareholders can be deemed invalid. If they cause losses to the company, the management board and executives of the company can bear personal liability.
VIPCO executives could not be reached for comment.
Bui Nguyen Hoan, a State Securities Commission representative in HCM City, said that discrimination amid shareholders was absolutely wrong. Shareholders must have the same rights, interests and duties, he said. He highlighted that there were some companies which rewarded major shareholders but not minor ones, an unlawful action.
Bui Quang Nghiem, a lawyer and deputy chairman of the HCM City Lawyers Association, said that a decision on how many shares enterprises could issue to strategic shareholders and to other shareholders depended on the enterprise. However, all shareholders must have rights to buy newly issued shares in the same ratio, based on the volume of shares they already held.
In the case of Xuan Mai Concrete Joint Stock Co, with registered capital of VND60 billion ($3.75 million), the company plans to issue an additional two million shares with a face value of VND20,000 ($1.25) to exisiting shareholders at different ratios.
Founding shareholders would allowed to buy shares at a ratio of 1:1 to existing shares, while the ratio would be 2:1 for current shareholders.
Xuan Mai general director Pham Hoang Huy explained that he also reviewed the article in the Law on Enterprises but chose the different ratios to guarantee the interests of shareholders, the State, staff and the company.
The interests of minor shareholders were being ignored, said Le Dang Doanh, senior economic, who also warned Viet Nam ranked 107 on the Bank’s list of countries protecting the interests of shareholders.
Source: VNS
VIPCO (VIP), with chartered captial of VND421.2 billion (US$26.32 million), lists on the HCM City bourse. In its annual shareholder meeting last month, the company planned an additional share issue in order to raise its chartered capital to VND600 billion ($37.5 million).
Under its plan, VIPCO decided to issue 17,880,000 shares, of which Petrolimex, already holding a 51-per-cent interest, would buy 9,118,800 shares at an issue price of VND15,000 ($0.93) per share. Other current shareholders would be allowed to buy the remaining 8,761,200 shares at a ratio of 50:21 at a price over VND40,000 ($2.50) per share.
Before issuing additional shares, listed enterprises must comply with provisions in three legal documents, including the Law on Enterprises, the charter of each enterprise and administrative regulations applied to listed enterprises, noted Nguyen The Tho, head of the Issuance Management Board of the State Securities Commission.
Under these regulations, shareholders must be treated equally, and shareholders with the same classes of shares must enjoy the same rights and benefits.
Article 78 of Law on Enterprises provided that enterprises must issue common shares, Cung said. Preferred shares, paying dividends and carrying higher voting power, were only optional.
"It’s ridiculous to say that because founding shareholders have contributed more than current shareholders, they were priviledged to buy more or buy at lower prices," Cung said.
Cung accused VIPCO, along with Xuan Mai Concrete Co and Vitaco, with violating the law. He said that, in the case of VIPCO, shareholders had a right to raise their voices in spite of the fact that unlawful decisions were ratyfied in the shareholders meeting.
Regulations governing listed companies entitle shareholders to protect their interests under the law. Resolutions adopted by shareholders that violate the basic interests or rights of shareholders can be deemed invalid. If they cause losses to the company, the management board and executives of the company can bear personal liability.
VIPCO executives could not be reached for comment.
Bui Nguyen Hoan, a State Securities Commission representative in HCM City, said that discrimination amid shareholders was absolutely wrong. Shareholders must have the same rights, interests and duties, he said. He highlighted that there were some companies which rewarded major shareholders but not minor ones, an unlawful action.
Bui Quang Nghiem, a lawyer and deputy chairman of the HCM City Lawyers Association, said that a decision on how many shares enterprises could issue to strategic shareholders and to other shareholders depended on the enterprise. However, all shareholders must have rights to buy newly issued shares in the same ratio, based on the volume of shares they already held.
In the case of Xuan Mai Concrete Joint Stock Co, with registered capital of VND60 billion ($3.75 million), the company plans to issue an additional two million shares with a face value of VND20,000 ($1.25) to exisiting shareholders at different ratios.
Founding shareholders would allowed to buy shares at a ratio of 1:1 to existing shares, while the ratio would be 2:1 for current shareholders.
Xuan Mai general director Pham Hoang Huy explained that he also reviewed the article in the Law on Enterprises but chose the different ratios to guarantee the interests of shareholders, the State, staff and the company.
The interests of minor shareholders were being ignored, said Le Dang Doanh, senior economic, who also warned Viet Nam ranked 107 on the Bank’s list of countries protecting the interests of shareholders.
Source: VNS
Monday, March 12, 2007
Corporations seek strategic stakes
Securities have been listed in the investment portfolio of state owned general corporations in the last time. The corporations have spent a lot of money on purchasing shares to become the strategic investors in banks and joint stock companies.
By the end of 2006, the Saigon Trade Corporation (Satra Group) had made the capital contribution of VND547 billion (34.2mio US$) to other entities. Besides, Satra has also injected 2mio US$ in Vietnam Investment Fund, purchased over 4 million shares of the Hanoi Housing Development Bank (Habubank) to become the strategic shareholder (holding 5% of total capital) of the bank. It has also been one of the founders of the Rong Viet Securities Company, and purchased shares of many other companies.
Earlier this year, Satra Group became the strategic investor of Phuong Nam Bank (Southern Bank) when it purchased 1 million shares of the bank worth VND80 billion (5mio US$).
Huynh Van Minh, Satra Group’s Director General, said that the group’s capital contribution into other entities will support the group’s operation. For example, as a shareholder of Habubank, Satra’s members will be easier to access the bank’s loans. As a shareholder of Rong Viet, Satra’s members will be assisted in listing shares on the stock market.
Also in 2006, Satra Group joined forces with the partners in Vietnam Brewery Joint Venture to buy back the whole Fosters Vietnam, a brewery company, at 105mio US$, and bought 80% of shares of the Quang Nam Brewery Company, which has the total capital of 17.6mio US$.
In 2006, the post tax profit Satra gained from the Vietnam Brewery Joint Venture alone was VND363 billion (22.7mio US$). Besides, Satra could gain the dividends of VND18.6 billion (1.2mio US$) from its shares. Mr Minh said that the dividends are expected to increase to VND300 billion (18.8mio US$) this year (many share items were just bought in the last year).
The Vietnam Rubber Group (VRG) proves to be a big investor in stocks. The rubber latex price has been increasing continuously in the last few years, which has made the investor’s pocket clinking with plenty of money for financial investment.
Le Quang Thung, Director General of VRG, said that up to now, VRG and its 18 members have injected VND1,746 billion (109.1mio US$) in shares of 42 joint stock companies.
“We have bought the shares of the companies specialising in making car and motorbike tyres, or wooden furniture, which can serve our strategy on diversifying business operation,” said Mr Thung.
At the end of 2006, VRG spent VND24 billion (1.5mio US$) to purchase 60% of the total shares of the HCM City-based Ben Thanh Rubber Company.
Mr Thung has revealed that VRG is planning to make capital contribution or hold controlling stakes in several companies belonging to the Vietnam Chemicals Corporation (Vinachem), including the Sao Vang Rubber Company, Da Nang Rubber Company or Casumina.
In order to implement this plan, VRG has pumped more capital into the VRG Finance Company and set up the VRG Securities Company.
However, the big investors have complained that they are facing a lot of difficulties. Mr Minh said that by the end of 2008, Satra Group will equitise the parent company. The group will issue more shares to the public, but the State will retain the controlling stakes.
The biggest problem lies in the defining the value of financial investment items as it remains unclear the nominal value or market value of shares will be the basis for the calculation. If the assets are valued based on the nominal value, it would cause losses to the State. Meanwhile, it is very difficult to value the assets based on the market value as the prices always fluctuate. Mr Minh said that he has consulted state management authorities on the issue but no suitable solution has been found.
Not only aiming to join hands with foreign investors, local banks have also been intensively seeking domestic strategic partners.
Right before Tet, the market witnessed five big affairs between banks and powerful groups. The Vietnam Oil and Gas Group (PetroVietnam) now holds VND100 billion (6.3mio US$) worth of shares of G-Bank. The bank was just established in 2006, but it has successfully raised the chartered capital to VND500 billion (31.25mio US$) and total assets of VND2 trillion (125mio US$).
The Vietnam Shipbuilding Industry Corporation (Vinashin) has become the shareholder of the Hanoi Housing Development Bank (Habubank), which holds 10% of the bank. Prior to that, Lilama Corporation and Satra Group have also become Habubank’s shareholders (each of them holds 5% of shares).
The Saigon – Hanoi Joint Stock Bank, which once was the Nhon Ai Rural Joint Stock bank, has signed the agreement on strategic cooperation with the Vietnam Rubber Group and the Coal and Mineral Industries Group.
Most recently, Kinh Do Group spent US$90 million to purchase the shares of Eximbank (worth VND180 billion or 11.3mio US$ in nominal value). This is the biggest ever assignment deal which has been made by the domestic investors.
Source: VEN
By the end of 2006, the Saigon Trade Corporation (Satra Group) had made the capital contribution of VND547 billion (34.2mio US$) to other entities. Besides, Satra has also injected 2mio US$ in Vietnam Investment Fund, purchased over 4 million shares of the Hanoi Housing Development Bank (Habubank) to become the strategic shareholder (holding 5% of total capital) of the bank. It has also been one of the founders of the Rong Viet Securities Company, and purchased shares of many other companies.
Earlier this year, Satra Group became the strategic investor of Phuong Nam Bank (Southern Bank) when it purchased 1 million shares of the bank worth VND80 billion (5mio US$).
Huynh Van Minh, Satra Group’s Director General, said that the group’s capital contribution into other entities will support the group’s operation. For example, as a shareholder of Habubank, Satra’s members will be easier to access the bank’s loans. As a shareholder of Rong Viet, Satra’s members will be assisted in listing shares on the stock market.
Also in 2006, Satra Group joined forces with the partners in Vietnam Brewery Joint Venture to buy back the whole Fosters Vietnam, a brewery company, at 105mio US$, and bought 80% of shares of the Quang Nam Brewery Company, which has the total capital of 17.6mio US$.
In 2006, the post tax profit Satra gained from the Vietnam Brewery Joint Venture alone was VND363 billion (22.7mio US$). Besides, Satra could gain the dividends of VND18.6 billion (1.2mio US$) from its shares. Mr Minh said that the dividends are expected to increase to VND300 billion (18.8mio US$) this year (many share items were just bought in the last year).
The Vietnam Rubber Group (VRG) proves to be a big investor in stocks. The rubber latex price has been increasing continuously in the last few years, which has made the investor’s pocket clinking with plenty of money for financial investment.
Le Quang Thung, Director General of VRG, said that up to now, VRG and its 18 members have injected VND1,746 billion (109.1mio US$) in shares of 42 joint stock companies.
“We have bought the shares of the companies specialising in making car and motorbike tyres, or wooden furniture, which can serve our strategy on diversifying business operation,” said Mr Thung.
At the end of 2006, VRG spent VND24 billion (1.5mio US$) to purchase 60% of the total shares of the HCM City-based Ben Thanh Rubber Company.
Mr Thung has revealed that VRG is planning to make capital contribution or hold controlling stakes in several companies belonging to the Vietnam Chemicals Corporation (Vinachem), including the Sao Vang Rubber Company, Da Nang Rubber Company or Casumina.
In order to implement this plan, VRG has pumped more capital into the VRG Finance Company and set up the VRG Securities Company.
However, the big investors have complained that they are facing a lot of difficulties. Mr Minh said that by the end of 2008, Satra Group will equitise the parent company. The group will issue more shares to the public, but the State will retain the controlling stakes.
The biggest problem lies in the defining the value of financial investment items as it remains unclear the nominal value or market value of shares will be the basis for the calculation. If the assets are valued based on the nominal value, it would cause losses to the State. Meanwhile, it is very difficult to value the assets based on the market value as the prices always fluctuate. Mr Minh said that he has consulted state management authorities on the issue but no suitable solution has been found.
Not only aiming to join hands with foreign investors, local banks have also been intensively seeking domestic strategic partners.
Right before Tet, the market witnessed five big affairs between banks and powerful groups. The Vietnam Oil and Gas Group (PetroVietnam) now holds VND100 billion (6.3mio US$) worth of shares of G-Bank. The bank was just established in 2006, but it has successfully raised the chartered capital to VND500 billion (31.25mio US$) and total assets of VND2 trillion (125mio US$).
The Vietnam Shipbuilding Industry Corporation (Vinashin) has become the shareholder of the Hanoi Housing Development Bank (Habubank), which holds 10% of the bank. Prior to that, Lilama Corporation and Satra Group have also become Habubank’s shareholders (each of them holds 5% of shares).
The Saigon – Hanoi Joint Stock Bank, which once was the Nhon Ai Rural Joint Stock bank, has signed the agreement on strategic cooperation with the Vietnam Rubber Group and the Coal and Mineral Industries Group.
Most recently, Kinh Do Group spent US$90 million to purchase the shares of Eximbank (worth VND180 billion or 11.3mio US$ in nominal value). This is the biggest ever assignment deal which has been made by the domestic investors.
Source: VEN
Friday, November 24, 2006
Petrolimex shares close 51% above initial price
Shares of Petrolimex Gas Co (PGC), the country's main fuel distributor were traded for the first time. Price jumped 51% from its debut price to close at 68,000 VND.
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