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PetroVietnam finance arm may delay domestic listing
State oil group PetroVietnam’s financial arm PVFC, 10 percent owned by US bank Morgan Stanley, could delay its domestic share listing due to the global credit crisis and slumping markets, an executive said.
Hanoi-based PVFC, or PetroVietnam Finance Corp., said Friday it has received a license to list all its 500 million shares on the Ho Chi Minh Stock Exchange. It had planned to make its debut on the exchange late this month.
“We are now reconsidering the listing time to protect investors and the corporation’s prestige against psychological impacts from the global financial crisis,” Deputy Chief Executive Nguyen Dinh Lam said in a report published by PVFC.
The Ho Chi Minh Stock Exchange closed down 0.6 percent at 382.51 points Friday, having lost nearly 60 percent so far this year after gaining 23 percent in 2007.
Regulations state that PVFC should make its share debut within 90 days of October 16, when it secured the listing license, Lam noted in the report on PVFC’s website (www.pvfc.com.vn). Lam said the US financial crisis did not affect the cooperation between Morgan Stanley and PVFC. The US investor has been advising PVFC on procedures to list shares in Singapore, he said.
Last week PVFC said its revenues more than doubled in the first nine months of 2008 on increased lending to its parent group.
The company, 49 percent owned by PetroVietnam, helps arrange financing for the state oil and gas group.
Thanhnien
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