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PVFC gets okay to list on southern bourse
Petrovietnam Finance Joint Stock Corporation (PVFC) has been given the go ahead by the HCM City Stock Exchange (HOSE) to list its shares on the southern bourse.
The company plans to list 500 million shares worth a total VND5 trillion (US$303 million). It said at the beginning of this month that the listing would be in the fourth quarter.
"We are considering the time of listing, in order to protect investors’ interests as well as our prestige in the face of impacts of the world financial market crisis," said Nguyen Dinh Lam, PVFC’s deputy general director.
"Listing shares at a time when the market is experiencing poor results will badly affect the company’s prestige, investors’ efficiency in their investment and the entire market," he said.
The listing must not be later than 90 days after the company was approved by HOSE to list under State Securities Commission (SSC) regulations, Lam noted.
The listing on the southern market was approved by State Bank of Viet Nam Governor Nguyen Van Giau on September 10. The company’s shares were registered to deposit at SSC’s Viet Nam Securities Depository on September 23.
After being listed, PVFC shares will be among the stocks with the largest capitalisation value on the HCM City market. Compared with the total capitalisation value of the HOSE of around VND181 trillion (nearly $11 billion), PVFC will account for around 8 per cent.
The company’s shares were traded at VND29,000-30,000 ($1.7-1.8) yesterday on the over-the-counter (OTC) market, according to Viet Dragon Securities Corp’s data.
PVFC, with VND5 trillion in equity, provides key services in financial investment and consultation. Its total assets reached VND46.62 trillion ($2.8 billion) in the first nine months of the year.
Nine-month turnover reached VND2.8 trillion, representing 57.7 per cent of the year’s target. Pre-tax profit stood at 497.2 billion (not including a VND946.4 billion provision fund for credit and investment), equivalent to 49.72 per cent of the year’s plan.
"As world and domestic financial markets are facing difficulties, these results have shown our efforts based on limiting risks and assuring security in business activities," said Lam.
Lam said the value of the provision fund would decline as the business environment gets better at the end of the year. This would help increase the company’s profit, he said.
The company also plans to list its shares on the Singapore Stock Exchange, with advice from Morgan Stanley’s experts. Morgan Stanley, a strategic partner of PVFC, holds a 10 per cent stake of the company or around $217 million.
VNN
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