PV Oil to hold shareholder meeting this month
Friday, July 27,2018
AsemconnectVietnam - PetroVietnam Oil Corporation (PV Oil), a major fuel trading arm of the State-owned Vietnam National Oil and Gas Group (PVN), is scheduled to hold its first-ever shareholder meeting on July 30, following its initial public offering (IPO) in January.
PV Oil had been waiting for instructions from the Government to sell its stake after the time for executing its equitization plan, which was approved late last year, was up.
At the upcoming meeting, its shareholders will debate many issues, including the charter of the company, as well as its production and business plan for the remainder of this year.
They will also discuss the ratio of foreign ownership in PV Oil. Currently, foreign investors can acquire a maximum stake of 6.62% in the company.
The Equitization Steering Committee of PV Oil suggested a temporary stake rate, while assigning the company’s board of directors to complete procedures for determining the foreign ownership cap.
In late January this year, PV Oil launched its long-awaited IPO, selling 206.84 million shares to 1,333 individuals and 45 organizations at home and abroad. The Government earned more than VND4.17 trillion (US$182 million) from the sale.
On March 7, PV Oil listed 200 million shares on the Market for Unlisted Public Companies.
On June 28, PVN announced its plan to suspend the divestment of State capital until the corporation completes its conversion into a joint stock company. The suspension followed the prime minister’s decision, stated in a document released at the end of May.
PV Oil later informed four potential strategic investors, who have confirmed their continued involvement in the divestment, of the Government’s decision and its plan to seek their support after its equitization.
According to its approved equitization plan, PV Oil will offer up to 462.5 million shares, or 44.72% of its charter capital, to strategic investors. After the equitization, PVN, which represents the State, will hold 35.1% of PV Oil’s capital.
Source: thesaigontimes.vn
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