Oil and gas group to reduce State stakes

The Vietnam National Oil and Gas Group (PetroVietnam), one of the nation’s largest economic groups, plans to reduce State stakes in its equitised subsidiaries in the coming months, according to the company’s deputy general director Nguyen Ngoc Su.

The State-run group holds between 51 and 87 percent of equity in each of its affiliates. Su said the State stakes in subsidiaries might be slashed to below 50 percent, and the withdrawal of State capital would be carried out mainly through the stock exchange.

The plans come at a time when market developments have facilitated the State’s withdrawal of investment in listed companies such as PetroVietnam Finance (PVF), Phu My Fertilisers (DPM) and Petroleum Technical Services Corp (PVS).

Su said PetroVietnam is still considering the number of shares to be unloaded as well as the price of these shares.

The deputy director said PetroVietnam has “basically completed” their plan on restructuring and renewing its subsidiaries, with 14 units being equitised. So far, PetroVietnam has successfully auctioned more than 313 million shares, bringing in VND17,54 trillion (US$986.4 million).

VOV

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