BSR offers 49 percent to strategic investors

Investors interested in becoming strategic investors of Binh Son Refining and Petrochemical Company Limited (BSR), currently operated by PetroVietnam, are offered to buy a maximum of 1.52 billion shares, equalling 49 percent of the chartered capital.
BSR offers 49 percent to strategic investors

This is part of BSR’s equitization plan approved by Deputy Prime Minister Vuong Dinh Hue, according to the government portal. Foreign investors are permitted to bid for the whole volume on offer.

BSR also issued the criteria to select the strategic investor. Accordingly, interested investors will have to have strong financial potential with equity of at least VND10 trillion ($440.4 million) and have been operating in profit in the latest two years, excluding accumulated loss.

Besides, investors experienced in operating refineries and petroleum distribution networks will be prioritised.

Along with the stake offered to strategic investors, BSR will put 241.56 million shares, equalling 7.79 percent stake, on sale at its initial public offering (IPO) via a public auction with the initial price of VND14,000 ($0.62). Besides, BSR will sell 6.48 million shares, or 0.21 percent, to its employees.

Previously, BSR announced that it expected to conduct its IPO by the end of this year, however, the date was removed to January 2018.

BSR’s IPO is considered one of the three “blockbusters” on the stock market in the last quarter of the year, along with two other oil and gas companies PetroVietnam Oil Corporation (PV Oil) and PetroVietnam Power Corporation (PV Power).

Currently BSR’s chartered capital stands at VND31 trillion ($1.36 billion). It is the operator of Dung Quat Refinery in the central province of Quang Ngai, a refinery built to localise petrochemical products supply. It was inaugurated in 2011 with a total investment sum of $3.05 billion and is currently able to satisfy 30 percent of the domestic petroleum demand.

VIR

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