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PetroVietnam Finance (PVF) gains on plan to hike foreign ownership
PetroVietnam Finance Co.(HOSE: PVF), a unit of Vietnam Oil & Gas Group, rose to the highest in a week after announcing a plan to sell more shares to foreign investors.
The stock surged close to its maximum daily limit of 5 percent to VND21,200, its highest since April 7.
Hanoi-based PetroVietnam Finance plans to sell more shares to foreign investors, Chief Executive Officer Tong Quoc Truong said Monday in a telephone interview.
Vietnam Oil & Gas, known as PetroVietnam, would reduce its holding in the financial unit to 60 percent from 78 percent this year, PetroVietnam Finance said in an e-mailed statement.
“This is good news and will create more room for foreign investors to raise their holding stake,” said Phung Trung Kien, a Hanoi-based analyst at VPBank Securities Inc., a unit of Vietnam Joint Stock Commercial Bank for Private Enterprises.
The company has been in talks with several foreign companies to sell the 18 percent stake, Truong said. He declined to name any potential investors.
Hanoi-based PetroVietnam Finance, which is 10 percent-owned by Morgan Stanley, last month forecast profit may rise almost sevenfold this year after a slump in the value of equity holdings hurt earnings in 2008.
thanhnien,Bloomberg
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