<article>Petrolimex, Vietnam&#8217;s leading petrol trader, will list more than 1.29 billion shares on the Ho Chi Minh City Stock Exchange on April 21, six years after its IPO.</article>

Petrolimex, Vietnam&#8217;s leading petrol trader, will list more than 1.29 billion shares on the Ho Chi Minh City Stock Exchange on April 21, six years after its IPO.
The listing price will be on par with the price of shares sold to its strategic investor and the current value on the OTC market, Bui Ngoc Bao, Petrolimex&#8217;s chairman, told this portal.
&#8220;It will be a price to ensure growth and expansion of Petrolimex,&#8221; he added.
The group&#8217;s shares are currently valued at around VND40,000-50,000 apiece with a market capitalisation is at $2.27 billion. That makes Petrolimex rank among Vietnam&#8217;s 10 largest stocks.
In 2016, it sold an 8 per cent strategic stake to Japan&#8217;s JX Nippon Oil &amp; Energy. Bao said JX Nippon Oil &amp; Energy will be Petrolimex&#8217;s sole strategic investor due to the critical nature of the fuel energy sector.
In addition, he revealed the state-owned petroleum major will definitely divest more shares to its Japanese shareholder.
&#8220;They (JX Nippon Oil &amp; Energy) want a 25 per cent interest, and the increase might happen in a near distance future because of our capital needs,&#8221; Bao told DEALSTREETASIA on the sideline of the company&#8217;s roadshow on March 29.
Petrolimex is also looking to raise capital from other institutional investors, having hosted a meeting with foreign investment funds earlier this month. “Foreign funds have shown significant interest in Petrolimex shares,&#8221; the chairman said, without naming the funds.
As the company is going to be listed, transactions of its shares will mainly take place through the stock exchange, while private placements will depend on the company’s demand for capital in the future as well as the integrity of particular investors, Bao said.
The state holds 75.87 per cent in Petrolimex and it plans to reduce the ownership to the region of 51-65 per cent.
Also read: <a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/vietnam-satra-conducts-ipo-in-2017-petrolimex-plans-public-listing-67326/">Vietnam: SATRA to tap IPO in 2017; Petrolimex plans listing</a>

Petrolimex' listing set for April 21, JX Nippon to get more shares

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Petrolimex' listing set for April 21, JX Nippon to get more shares

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