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PVFC considers listing date
The financial arm of the State oil group, the Petrovietnam Finance Joint Stock Company (PVFC) has announced it is considering selecting the most suitable date to list its 500 million shares on the Ho Chi Minh City Stock Exchange (HOSE) to protect the interests of its investors within the current context of the gloomy domestic market, instead of listing on November 3 as scheduled.
The company was approved to list on the HOSE on October 16. According to current regulations, a company must make its listing within 90 days since it receives listing approval.
PVFC shares, coded PVF, will have a reference price on its first day of listing of VND 30,000 a share.
Once it is listed, it will be the first financial corporation in Vietnam to list on the domestic stock market.
On October 29, at a meeting with investors in Ho Chi Minh City, PVFC General Director Tong Quoc Truong said Morgan Stanley, PVFC's strategic foreign shareholder which owns 10% stake of PVFC, is providing assistance in helping PVFC list in Singapore.
PVFC missed its nine-month revenue and profit targets due to the slump in the domestic and foreign financial markets. Total revenue was nearly VND 2.9 trillion, equivalent to 57.7% of the year's targeted figure, with a pretax profit of nearly VND 500 billion, or 49.72% of the year's target, excluding VND 946 billion reserved against investment and credit risk
Petrovietnam currently owns 78% of PVFC.
Nhan Dan
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