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|Vietnam's first oil refinery is preparing for equitisation|
This information has been released by the Ministry of Industry and Trade.
It is said that the corporate valuation will lay the foundations for calculating the share price of Binh Son Refinery and Petrochemical Co., Ltd. (BSR) and represents an important step in its equitisation scheme.
To date, BSR is the largest company in terms of capital to be equitised, according to BSR.
BSR is planning an initial public offering (IPO) in the fourth quarter of this year, putting 5-6 per cent of its equity up for grabs and will continue to seek strategic investors for the remaining stakes.
In response to VIR’s queries about the modest portion of equity involved in the firm’s IPO, BSR CEO Tran Ngoc Nguyen said that the company had carefully considered the volume of shares to offer and heeded recommendations from its consultancy firm.
The IPO will be divided into two periods. During the first period, BSR will be transformed into a joint stock company, offering shares to its staff and holding an IPO, which is set to be completed in 2017.
The firm will try to complete equity sales to strategic investors within the next 12 months.
Nguyen expected BSR to sell up to 36 per cent of its stakes to strategic investors who have strong financial resources and experience in the refinery sector.
It is said that BSR held discussions with Japan's JX Nippon Oil & Energy Corp., South Korea's SK Energy Co., Russia's Gazprom Neft, and others on potential strategic stake sales, but so far, no final decision has been made.
Vietnam is trying to meet its state company equitisation target and has shifted to increase the quality by pushing the IPOs of large corporations.