Petroleum giant to increase capital to $603 million via share issuance.
The Vietnam National Petroleum Group (Petrolimex) has been granted a license to issue additional shares and increase its charter capital.
In its restructuring roadmap it aims at raising capital to $603 million and cutting the State’s holding to less than 75 per cent. The Ministry of Industry and Trade (MoIT) has also approved Petrolimex’s plan to bolster the holdings of strategic foreign investors.
Deputy Prime Minister Vu Van Ninh, who signed the license, directed MoIT to amend unsuitable regulations in order to assist strategic foreign investors in securing shares and to permit Petrolimex to invest in certain oil refineries.
He also asked Petrolimex to define its need for charter capital, evaluate an issue price, and negotiate with partners to ensure publication of the issue, determine an optimum sale price, and secure maximum profit for existing shareholders.