PetroVietnam Oil Corporation (PV Oil) has yet to pick a method to sell shares to strategic partners.

A gas station of PV Oil. PetroVietnam Oil Corporation (PV Oil) has yet to pick a method to sell shares to strategic partners

PV Oil unveiled a plan on Tuesday to launch its long-awaited initial public offering (IPO) on the Hochiminh Stock Exchange (HOSE) on January 25. The firm will sell more than 206 million shares, accounting for 20% of its chartered capital. Each share is expected to cost VND13,400 (US$0.58).

Therefore, it intends to hold two road shows, with one in HCMC on January 11 and the other in Hanoi City on January 12, just ahead of the IPO. It will then sell 44.72% of its shares to strategic partners, with foreign investors allowed to own up to 49% of the company.

PV Oil has not chosen a put-through or normal method for the share sale. It said its final decision would depend on the number of strategic investors who put their names down for share acquisition.

The selling price of shares for strategic investors would not be lower than the average bid at auction.

PV Oil plans to list on the stock market after finishing the IPO and listing shares on the market for unlisted public enterprises, or UPCoM.

PV Oil is a local fuel distributor that holds a 25% market share. It is also an exclusive oil exporter of Vietnam. The corporation has 28 affiliates and 11 associated companies. Besides, it holds shares in 540 gas stations and more than 3,000 agents.

SGT