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Financial services firm lists in HCM City
PetroVietnam Finance Corporation (PVF) began its first trading day at the HCM Stock Exchange on November 3, becoming the 163 rd company to list on the board.
The price for PVF was established at 24,000 VND (1.42 USD) compared to the reference price of 30,000 VND, falling at the 20 percent fluctuation limit.
The company’s operations include investment activities, corporate and individual financial services, loan arrangement and money trading.
PVF has chartered capital of 5 trillion VND, with PetroVietnam representing the State holding 78 percent and Morgan Stanley, 10 percent.
Under their agreement, the two major shareholders will not release their stake in three years, and only the remaining 12 percent, equivalent to 60 million stocks, are eligible for trading.
The company targets to increase its capital to 1 billion USD by 2015 and focus its activities in areas including petroleum, energy, real estate and high-end tourism.
In the first nine months of the year, PVF posted a turnover of almost 2.9 trillion VND (174 million USD), completing 58 percent of the year’s target, up almost 50 percent over the same period in 2007.
PVF has gained a gross profit of 497 billion VND (29.8 million USD), with 50 percent of the volume it expected for the year.
VNA
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