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Petrolimex subsidiary lists on UPCOM
Some 2.4 million shares of Petrolimex Equipment JSC (PEQ), a subsidiary of Viet Nam National Petroleum Group (Petrolimex), started trading on the unlisted public company market (UPCom) on January 18.
The move followed the Ha Noi Stock Exchange's approval to list 2,424,600 PEQ shares on UPCom at a preferential price of VND14,800 (US$0.69) each.
PEQ is a leading supplier of petrol equipment to Viet Nam. The company is the only petrol pump supplier for Petrolimex subsidiaries.
In the coming years, PEQ plans to focus on its main products, including petrol pumps and flow meters, and to improve the company's business productivity. The company aims to account for over 65 per cent of the petrol pumps market share in the country.
PEQ has chartered capital of VND24.3 billion ($1.15 million), of which, Petrolimex holds 51 per cent. PEQ expects to reach VND545 billion ($25.72 million) in revenue and VND4.3 billion ($203,897) in profit this year.
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