Vietnam’s PV Oil aims to raise at least $122m in Jan IPO

Photo taken from PV Oil's website.

Vietnam state oil distribution firm PetroVietnam Oil Corp (PV Oil) plans to offer 20 percent of its shares in an initial public offering (IPO) in January that aims to raise at least $122 million, its parent firm said on Friday.

PV Oil would also offer up to an additional 44.72 percent to strategic investors and another 0.18 percent to employees, state oil and gas group PetroVietnam said in a statement on its website.

The sale is part of Vietnam’s broader privatisation program that seeks to divest from hundreds of state-owned enterprises to improve their performance and to help raise funds for the tight state budget that has challenged efforts to support growth.

The government plans to reduce its stake in PV Oil to 35.1 percent, the PetroVietnam statement showed. Nineteen companies have submitted applications to be PV Oil’s strategic investors, and three quarters of those are foreign investors, the firm said.

PV Oil is Vietnam’s sole crude oil exporter and among the country’s top oil products retailers with a 22 percent market share in the domestic oil products market, the company said on its website.

PV Oil’s sale is among several state energy firms earmarked for privatisation, including PetroVietnam Power Co and refinery operator Binh Son Refining and Petrochemical Corp (BSR), whose IPO is also targeted for January at the latest.

PV Oil said earlier this year its first half pre-tax profit was estimated at 202 billion dong ($8.89 million), down 6 percent from the same period in 2016, while its revenue during January-June rose 43 percent on year to 23.4 trillion dong.

Also Read:

Vietnam: PV Oil valuation could touch $520m upon Q1 2018 listing

Vietnam: PV Power to sell 20% in IPO in revised plan, 29% strategic stake

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.