PetroVietnam Finance Co, the equitised financial affiliate of the State-owned petroleum giant PetroVietnam, will delay its plan to list shares next year on a foreign stock exchange, the company said.
"We're working on it, but we can't reveal anymore about it, "said Tran Van Hoa of the company's public relations department.
PetroVietnam began exploring the idea of listing shares abroad in mid-2008 and planned to list on the Singapore Stock Exchange this year with support from strategic partner Morgan Stanley Singapore.
Then the financial crisis interceded and caused the company to suspend the move.
PetroVietnam Finance has also yet to carry through on its plan to establish a representative office in Singapore, which would allow
it to absorb greater understanding of Singapore market conditions.
PetroVietnam Group deputy director Nguyen Ngoc Su told Dau tu Chung khoan (Securities Investment) that the group could list the shares of some of its affiliated companies on overseas markets this year if the economy showed signs of recovery.
Singapore would remain the initial option for an overseas share debut, Su said, estimating that the listing would cost about $3 million to carry out.
The State Securities Commission, meanwhile, has been investigating ways to revise and- flesh out regulations on listings abroad.
The commission has established a consulting group to support enterprises in solving difficulties related to overseas listings.
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