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PetroVietnam eyes Singapore listing
PetroVietnam Finance Co announced on February 6 that will list shares on the Singapore Stock Exchange when it takes its listing overseas sometime this year.
“We have finalised our review of the stock market and have concluded that Singapore is a good destination for us,” the company’s general director, Tong Quoc Truong, said.
PetroVietnam Finance has targeted making the offshore listing before the end of this year.
“Although it will take a long time to finalise every step of this plan, we are attempting to carry it out as soon as possible,” said Truong. “The listing will also depend on what’s happening in both the domestic and overseas markets.”
The financial offshoot of PetroVietnam Group has also announced its targets for 2009, including revenues of VND5 trillion and a profit of VND1 trillion. In 2008, PetroVietnam Finance earned VND4.47 trillion but made a profit of only VND8.5 billion.
Explaining the low level of profitability, Truong said: “In this turbulent market, we set up a provisionary fund worth VND2.14 trillion from the revenues we generated last year, aiming to reduce the risks from our financial investments.”
VietNamNet/VNS
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