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BSR considers second share sale before listing
Binh Son Refining and Petrochemical Co., Ltd. (BSR), the operator of Dung Quat Refinery, is considering putting more shares on sale before listing its shares on the Ho Chi Minh City Stock Exchange in April next year.
BSR chief exclusive Tran Ngoc Nguyen told Reuters that in order to attract more interested investors, BSR will not limit the sale to only strategic investors as previously planned. The sale is expected to take place via a public auction.
The money from the sale will be used to upgrade Dung Quat Refinery’s capacity to at least 192,000 from the 148,000 barrels per day (bpd) now and to allow it to process more types of crude oil.
Nguyen added that BSR selected one from seven contractors bidding for the contract to upgrade its facility, but refused to disclose the selected contractor’s name.
According to the approved equitisation plan, after selling 7.79 per cent of charter capital to investors at the IPO, BSR will continue to offer a maximum of 1.52 billion shares, equalling 49 per cent of the charter capital for strategic investors. However, BSR has yet to find strategic investors.
At the second sale, BSR hopes to ease requirements such as lock-up time and minimum registered capital for the planned sale, and also expects the government to approve the changes in order to speed up the process.
In the first half of this year, the firm reported a revenue of VND53.9 trillion ($2.36 billion) and after-tax profit of VND2.69 trillion ($117.9 million), equalling 69 and 77.6 per cent of the annual targets.
Previously, BSR has targeted the total sales of VND78.1 trillion ($3.5 billion) for the whole year.
Its net profit is expected to reach VND2.95 trillion ($129.3 million) by the end of June, exceeding the six-month target by 70.7 per cent and completing 84.7 per cent of the target set for the whole year.
In the next six months, BSR aims to produce and sell more than 3.18 million tonnes of products and earn VND1.75 trillion ($76.7 million) in after-tax profit.
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