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Morgan Stanley to acquire 10 percent stake in PVFC
Leading global financial organisation Morgan Stanley was expected to acquire a 10 percent stake in PetroVietnam Finance Corporation (PVFC), an affiliate of Viet Nam Oil and Gas Group, the mother company reported on Oct. 16 at a signing ceremony in Ha Noi.
The Viet Nam Oil and Gas Group (PetroVietnam) inked two cooperation agreements with Morgan Stanley and Ha Noi Securities Trading Centre (HASTC).
Under the agreement between the overseas financial corporation and PetroVietnam, Morgan Stanley would assist PetroVietnam to raise capital from regional and global financial markets, as well as support the Vietnamese company with advanced management skills.
The agreement with HASTC would have the trading centre help PetroVietnam equitise its subsidiaries and capitalise money from the stock market more effectively.
In addition, HASTC would provide the group with necessary information in a bid to list shares of its affiliates in the global stock market, stated the agreement.
“PetroVietnam plans to exploit 19 to 20 million tonnes of crude oil and 10 to 12 billion cu.m of gas with anticipated revenue of up 20 billion USD by 2015. Of the total revenue, around 45 percent will likely come from oil, gas and financial services”, said PetroVietnam’s general director Tran Ngoc Canh.
PVFC, the group’s leading financial institution, will partly realise the 45 percent target, Canh said.
The agreement with Morgan Stanley marked a significant milestone for PetroVietnam to revitalise its expansion plans to the finance, insurance and securities fields, he added.
PVFC will auction its shares for the first time at the Ha Noi bourse on October 19.
“Some 13 companies have so far organised shared auctions at HASTC with a total value of chartered capital at 3.7 trillion VND (227 million USD),” said HASTC director Tran Van Dung.
However, “PVFC is the first financial institution to list its shares on Ha Noi stock market,” Dung said.
A representative from Morgan Stanley said becoming PVFC’s strategic partner marked a significant step in the seven-year relationship between his company and PetroVietnam.
VNA
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