State-owned enterprises gear up for equitisation
The Vietnamese market will see more state-owned enterprises (SOEs) equitised in 2018, following the State’s divestment from the Sai Gon Beer Alcohol Beverage Joint Stock Company (Sabeco) and Vietnam Dairy Products Joint Stock Company (Vinamilk).
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Big names set for equitisation include the Vietnam Rubber Group (VRG) and Vietnam National Oil and Gas Group’s Binh Son Refining and Petrochemical Company Limited (BSR), PetroVietnam Power Company (PV Power) and PetroVietnam Oil Corporation (PV Oil), Dang Quyet Tien, Head of the Corporate Finance Department under the Ministry of Finance, announced at a press conference on December 25.
The rubber group will auction 475 million shares, 11.88% of its total capital to the public in its initial public offering (IPO) next year, at an initial price of VND13,000. The group missed the first deadline for its IPO, which was scheduled for July 2017.
Binh Son Refining and Petrochemical Company Limited (BSR) plans to float 242 million shares, 7.79% of its chartered capital, in an IPO scheduled for January 17 on the Ho Chi Minh Stock Exchange (HOSE). The shares will be sold at the initial price of VND14,600.
PV Power will put more than 468.3 million shares for sale in its IPO on January 31, 2018 on the Hanoi Stock Exchange (HNX) at the price of VND14,400 per share.
Meanwhile, PV Oil will offer nearly 207 million shares or a fifth of its charter capital for sale on January 25 on the HOSE at a starting price of VND13,400.
As of December 20, approval has been granted for divestment plans at 21 enterprises, nearly half of the set plan.
