15:06 | 06/03/2017 Companies
Vietnam's second largest oil product distributor PV Oil plans to sell off a 49 percent stake to investors, part of which will be made available at an initial public offering set for June 2017, parent group PetroVietnam said on Wednesday.
Companies from China, the Middle East and Southeast Asia have already approached the Ho Chi Minh City-based firm, fully known as the PetroVietnam Oil Corporation, looking to become strategic investors, PV Oil General Director Cao Hoai Duong was quoted in a PetroVietnam statement as saying. He did not name any of the firms.
PV Oil claims to hold around a quarter of the domestic market share behind Petrolimex. It is also the only supplier of crude oil to Vietnam's sole oil refinery, Dung Quat.
PV Oil expects to sell between a 20 and 44 percent stake to a maximum of three strategic investors and aims to complete the sale by July 2017, Chairman Nguyen Hoang Tuan said in a letter sent to investors issued in late December. The state will retain a 51 percent stake in the company.
It was not made immediately clear how much of the stake will be on offer at the upcoming IPO.
PV Oil is yet to publish its full financial results for 2016.
In late December, the company said its gross profit in 2016 reached an estimated VND530 billion ($23 million). No comparisons for 2015 were given.