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PVFC gets go ahead for $96.97m bonds’ sale
PetroVietnam Finance Corporation (PVFC), the finance arm of giant petroleum contributor PetroVietnam, has received the State Bank’s permission to auction VND1.6 trillion (US$96.97 million) worth of corporate bonds this year.
The State Bank’s decision came on Monday, allowing the corporation to set up the bond’s interest in Vietnamese dong as regulated by the State Bank.
"The money mobilised through this bond auction will help raise the firm’s total mobilisation capital," said an anonymous official of PVFC.
"We are also developing a more detailed plan for this auction after receiving an SBV allowance," added the official.
In the first six months of this year, PVFC earned VND198 billion ($12 million) in pre-tax profit, and VND1.77 trillion ($107.3 million) in revenue. The firm plans to open a representative office in Singapore, as well list shares on the Singapore Stock Exchange.
The firm is now collecting opinions from stockholders on opening the office.
"We will implement the opening immediately if almost all stockholders approve," the official said.
He also noted that the new office would help PVFC access a potential market like Singapore, as well introduce its trademark overseas, creating advantages for the firm’s capital mobilisation in the future.
VNS
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