The IPO will constitute 13 million shares repres-enting a 5-per-cent stake in the company. The shares will be offered at an initial price of VND21,000 (US$1) and will be listed in 2011 to ensure liquidity.
Under the plans announced Thursday, the PetroVietnam affiliate would spend about VND1.7 trillion ($81 million) during 2011-15 to complete construction of petroleum warehouses and ports, as well as to beef up its distribution system.
The projects include PETEC Cai Mep, which will include a 200,000cu.m warehouse and a 60,000DWT port and is slated for completion in late 2012 and at a cost of VND698 billion (US$33.2 million).
The company will also invest VND40 billion ($1.9 million) in expanding the capacity of the An Hai petroleum warehouse by 20,000cu.m, as well as expading its Can Tho, Long An, and Ha Nam-Nam Dinh-Ninh Binh storage facilities.
These projects would increase the company's total storage and distribution capacity to 300,000 tonnes in 2015 – giving the company the potential to claim a 30-per-cent market share.
Petec now holds a market share of 13 per cent, following PetroVietnam Gas Corporation (PV Gas) and Petrolimex.
PetroVietnam deputy director Vu Quang Nam said the participation of foreign strategic partners was key to Petec's business development.
The company had sent a prospectus to some potential foreign investors and was waiting on their feedback, Nam said.
Under its plan, Petec will sell up to 43.8 per cent of its shares to one or more strategic partners, while PetroVietnam would continue to hold a majority interest.
PV Gas completed its IPO in October at an average winning price of VND31,000 ($1.4).Source: vnagency.com.vn
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