PetroVietnam Finance rises on tie-up plan with Rubber Finance

PetroVietnam Finance Co., the third-biggest company on Vietnam’s main stock exchange, rose to a two-month high after the company said it plans to expand through a tie up with Rubber Finance Co.

The shares gained 2.9 percent, to VND46,000, the highest since June 18 at 10:45 a.m. on the Ho Chi Minh Stock Exchange. The benchmark VN Index extended a fifth day of gains, adding 0.7 percent.

Hanoi-based PetroVietnam Finance (PVFC), a unit of state-owned Vietnam Oil & Gas Group, and Rubber Finance (RFC), a unit of state-owned Vietnam Rubber Group, will provide services including loans and investments, PetroVietnam said in an e-mailed statement, without giving more detail.

Also on Friday, two affiliates under PVFC and RFC, PVFC Commerce & Trading Co.,Ltd (PVFCCo Trading) and Rubber Industry & Import-Export Joint Stock Company (RUBICO) inked a contract in supplying and consuming chemicals, fertilizer and catalysts.

Accordingly, RUBICO will purchase about 50,000 tons of urea a year from PVFCCo Trading’s Phu My Fertilizer Plant.

ThanhNien , Bloomberg (With additional reporting by Vinh Bao)

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