PetroVietnam next week will enter negotiations to sell shares of its arm PetroVietnam Finance Corp to the US group Morgan Stanley as the strategic shareholder, revealed the chair Dinh La Thang. PVFC with a chartered capital of about three trillion dong, operating in fields of finance, capital mobilisation, lending and financial investments is scheduled to make initial public offering on October 19. The finance firm plans to sell 30% of its capital to external investors, and its chartered capital will be increased to five trillion dong after being transformed into a joint stock corporation model.
In the IPO, the corporation’s employees have the right to buy 361,100 shares equalling to 0.07% of its chartered capital, and 90 million shares worth 900 billion dong or 18% offered to foreign strategic partners. Notably, 59,638,900 shares worth 596.389 billion dong or 11.93% will be put into public auction.
First off, PVFC has more new members including PVFC Invest with a chartered capital of 500 billion dong, PVFC Land 500 billion dong and PVFC Media with 100 billion dong.
In the next time, the corporation plans to set up an extra number of new companies such as PVFC Securities, PVFC Insurance, more 18 branches nationwide, four representative offices in Hong Kong, Singapore, London and New York.
In addition, recently PVFC’s members signed six investment and cooperation contracts with domestic and foreign partners, including a shipbuilding contract worth US$153 million, a partnership deal signed by PVFC Invest and Clearwater Capital Partner in fields of debt trading and others.