State to collect over VND500 billion from Petimex IPO

08-Aug-2018 Intellasia | The Saigon Times | 6:02 AM Print This Post

The State will collect an estimated VND509 billion from the transfer of a 35.4 percent stake in Dong Thap Petroleum Trading Import Export Co. Ltd (Petimex), whose initial public offering is scheduled for September 7, the Hochiminh Stock Exchange (HOSE) said.

Local media cites an announcement from HOSE as saying over 48.04 million shares, equivalent to a 35.4 percent stake, in the oil trader will be auctioned on the southern bourse, with the reserve price set at VND10,600 a share. With such an expected share price, the Dong Thap-based State-owned company has been valued at VND1,437 billion.

Under the company’s equitisation plan approved by Dong Thap government, the State will still hold the majority stake of 64 percent, while 747,600 shares, equivalent to 0.55 percent, will be sold to the company’s employees. Of the remainder, 15 percent will be offered to strategic investors, while 20.45 percent to outsiders.

Interested bidders will have to place a deposit from August 13, and the auction will take place at 9 a.m. on September 7.

Petimex, established in 1992, mainly trades in oil products, ranking fifth among 30 key oil traders of the country, according to VnEconomy. The company operates a network of over 1,500 filling stations.

In 2017, the company gained an after-tax profit of VND72.4 billion on revenue of nearly VND11,500 billion. The return on equity ratio was 9.1 percent.

Under its equitisation plan, the company expects this year’s revenue to ebb slightly to VND11,300 billion, but its net profit is estimated to rise to VND80 billion.

http://english.thesaigontimes.vn/61781/state-to-collect-over-vnd500 billion-from-petimex-ipo-.html

 


Category: Stocks, Vietnam

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