PTC to make IPO at HCM City bourse

The Petroleum Phuong Dong Tourism Company (PTC), a subsidiary of the Viet Nam National Oil and Gas Group (PVN), will go public with an initial offering on October 31.

PTC plans to auction an initial batch of more than 5.23 million shares at the Ho Chi Minh City Stock Exchange. Each share has a face value of 10,000 VND (0.61 USD) with an initial asking price of 11,000 VND.

Founded in 1994 in central Nghe An province’s Vinh city, PTC was originally named Phuong Hoang Hotel before changing to Phuong Dong Tourism and Hotel Co.

PetroVietnam acquired PTC in January, 2007, with a chartered capital of 150 billion VND (9.2 million USD). PTC specialises in tourism, fertilizers, oil and gas trading.

PetroVietnam hopes to focus investment on oil and gas and tourism services in the central region of the country.

VNA

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