South Korea’s SK Energy becomes Vietnam’s PV Oil second largest shareholder

Created 21 November 2018
  • PDF
Editor Choice
Share
(0 votes, average 0 out of 5)
With the holding of 5.23% stake in PV Oil, SK Energy is second only to Vietnam National Oil and Gas Group (PetroVietnam) which is the state capital representative with 80% stake.
South Korea’s SK Energy becomes Vietnam’s PV Oil second largest shareholder, vietnam economy, business news, vn news, vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, vn news, Vietnam net news, Vietnam latest news, Vietnam bre

South Korea’s SK Energy becomes Vietnam’s PV Oil second largest shareholder, vietnam economy, business news, vn news, vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, vn news, Vietnam net news, Vietnam latest news, Vietnam bre

With an average price share of VND15,800 (US$0.67), the deal was reportedly worth over VND56 billion (US$2.38 million).

Following the transaction concluded on November 13, SK Energy has increased its shareholding to 54.1 million shares or 5.23% stake in PV Oil, which is second only to PetroVietnam being the state capital representative with 80% stake. 

At the annual general meeting in late July, PV Oil’s shareholders approved the proposal to increase cap on foreign ownership at 6.62%. 

In January , PV Oil successfully sold 20% of its charter capital through an initial public offering (IPO) for VND4.1 trillion (US$184 million) in proceeds, exceeding the government target of raising at least US$122 million. 

Under the firm’s privatization  plan approved by the government, PV Oil’s charter capital is set at VND10.34 trillion (US$440.78 million). Additionally, the oil firm will further offer an additional 44.72% stake to strategic investors through a private placement, resulting in a reduction of state ownership to around 35%. Through this deregulation  process, PVOil is expected to raise a total of US$400 million.

In May, PetroVietnam said in a statement South Korea's SK Energy, Japan's Idemitsu Kosan and two Vietnamese companies have registered as potential buyers of PV Oi’s stake, with demand for the offered shares exceeding supply by nearly three times.


Source: Hanoitimes  - Bridge

Maybe You Also Interesting :

» Forward Quang Hai among top 10 anticipated youngsters at Asian Cup 2019

Vietnamese forward Nguyen Quang Hai has been named among the 10 most anticipated young stars at the 2019 Asian Cup, which is set to run from January 5 to...

» Rising business costs to upset foreign investment inflow to Vietnam

The government has so far also planned to cut costs for businesses to make the country’s investment environment more attractive.

» Trade ministry asked to report on uncontrolled solar power development

Prime Minister Nguyen Xuan Phuc has asked the Ministry of Industry and Trade to report on the uncontrolled development of solar power projects, according to a...
loading...

Popular News Categories:

- Asia & Asean  |  EU & Russia  |  America

- Facts  |  Urban  |  Faculty  |  Environment

- Business  |  Finance  |  Market Health

- Destination  |  Cuisine  |  Arts Music

- Cinema  |  Soccer  |  Sports  |  IT & Internet