Petrolimex and Indian Oil officially enter race for Binh Son Refinery

February 28, 2018 | 12:39

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Petrolimex and Indian Oil have officially submitted the application to become strategic investors of Binh Son Refining and Petrochemical Co., Ltd. (BSR), according to newswire NDH.

petrolimex and indian oil officially enter race for binh son refinery

Petrolimex and Indian Oil are the first of many interested parties to submit their applications

After conducting a successful IPO, BSR is selling 49 per cent to a strategic investor as part of the strategy to decrease state ownership to 43 per cent.

According to a representative of the BSR board of directors, only Petrolimex and India Oil submitted applications, while the other interested investors, including Pertamina from Indonesia and Bangchak Corporation Public Company Limited from Thailand, are still considering.

Previously, at the roadshow to introduce investment opportunities in BSR organised on January 5 in Hanoi, Vitol Asian Pte. and SNT Group expressed interest in becoming the strategic investor of BSR. Besides, Russia’s top energy firms Rosneft and Gazprom Neft, Thailand’s PTT, and Kuwait Petroleum Corporation signalled intentions to join the race. However, no official movements have been implemented.

According to the equitisation plan, BSR will list 241.4 million shares on the Unlisted Public Company Market (UpCOM).

The first transaction day will be on March 1 with the reference price of VND22,400 ($0.98), according to information published by the Hanoi Stock Exchange.

Previously, on January 17, BSR reported a successful initial public offering (IPO) with a complete take-up of the offered shares and the record selling price of VND14.8 million ($651.69) apiece.

The average selling price was VND23,043 ($1.01), 57.8 per cent higher than the initial price. The lowest selling price was VND20,800 ($0.92). Of particular note, an individual investor succeeded in buying 10,000 shares at the record price of VND14.8 million ($651.69) apiece.

BSR earned VND5.57 trillion ($245.26 million) in proceeds, 1.5 times higher than its expectations.

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