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PV Oil to list 200 million shares on UpCOM on March 7
PetroVietnam Oil Corporation (PV Oil), Vietnam's second largest petrol distributor, will list 200 million shares on the Unlisted Public Company Market (UpCOM) on the first transaction day of March 7.
Its shares are valued at the reference price of VND20,200 ($0.89), according to information published by the Hanoi Stock Exchange.
PV Oil is the third large-scale firm listing on the UpCOM this year, following Binh Son Refining and Petrochemical Company Limited (BSR), which was listed on March 1, and PetroVietnam Power Corporation (PV Power) which will be listed on March 6.
Previously, on January 25, it successfully conducted its initial public offering (IPO) by selling all 207 million shares offered, equalling 20 per cent of its charter capital. The average share price was VND20,196 ($0.89), fetching VND4.16 trillion ($184.9 million) in proceeds for the company.
PV Oil currently operates 500 petroleum stations and supplies petroleum for 3,000 other stations, almost all of which are located in the north. PV Oil plans to increase the number of its petroleum stations to 1,500 and increase its market share through M&A activities.
In 2017, PV Oil reported a consolidated revenue of VND56 trillion ($2.46 billion) with a consolidated pre-tax profit of VND405 billion ($178.02 million).
This year, the firm expects to earn VND41 trillion ($1.8 billion) in revenue and VND340 billion ($149.45 million) in pre-tax profit.
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