(PLX), which stands for Vietnam National Petroleum Group, will start listing its 1.29 billion shares on the Ho Chi Minh City Stock Exchange (HOSE) on April 21 after some delays.
The starting price is set at 43,200 dong ($1.9) a share. With a trading band of 20% for maiden listings, its prices will move in a range of 34,560-51,840 dong ($1.52-$2.28).
The initial price values Petrolimex at 67 trillion dong ($2.95 billion), enabling it to enter the club of the ten biggest companies on the HOSE, together with Vinamilk
), Vietcombank (VCB), Vingroup (VIC), PV Gas (GAS), FLC Faros (ROS), VietinBank (CTG) and BIDV (BID).
At the upcoming general shareholders’ meeting, Petrolimex plans to ask for approval on a plan to earn a pre-tax profit of 4.68 trillion dong ($206.2 million) on revenue of 143.2 trillion dong ($6.3 billion).
The Ministry of Industry now holds a 75.87% stake in Petrolimex and JX Nippon O&E, its strategic shareholder, takes 8%.
The firm’s Chairman Bui Ngoc Bao has recently told press that Petrolimex “expects to have only one strategic investor which is JX in our core business of petrol and oil segment."
The government plans to reduce its holding in Petrolimex to as low as 51% while the interest of the Japanese firm is expected to increase to around 20% in the future.