BSR sells out 7.79 percent of charter capital to the public
Binh Son Refining and Petrochemical One Member Co Ltd (BSR), a subsidiary of PetroVietnam, sold 7.79 percent of its charter capital, equivalent to 241.5 million shares during its IPO on January 17.
HCM City(VNA) - Binh Son Refining and Petrochemical One Member Co Ltd (BSR), asubsidiary of PetroVietnam, sold 7.79 percent of its charter capital,equivalent to 241.5 million shares during its first initial public offering(IPO) on January 17.
The shares were soldto 623 investors, including 62 organisations and 561 individuals, at an averageprice of 23,043 VND (1.01 USD) per share, as against the asking price of 14,600VND (0.64 USD). Of note, a foreign investor purchased 147.83 million shares or61.2 percent of the total shares on sales.
Under theequitisation plan, PetroVietnam will retain 43 percent of BSR’s charter capital,while a maximum of 49 percent (1.52 billion shares) will be sold to strategicinvestors, expecting to earn nearly 1 billion USD. About 0.21 percent of shareswill be offered to the company’s employees.
Nguyen Hoai Giang,Chairman of the BSR Council of Members, said that the company is selectingstrategic investors, prioritising those who are operating inpetrochemical, oil and gas, and have minimum charter capital of 10 trillion VND. They arealso required to make profits in the last two years withno aggregated loss. They should commit to maintaining the main business and notto transferring purchased shares.
BSR will carefullydiscuss concrete cooperation strategies with its partners, he added.
BSR is theoperator of Dung Quat Refinery, which has an annual capacity of 6.5 milliontonnes of crude oil, supplying 30 percent of the country’s petrol needs. Therefinery is expected to increase capacity to 8.5 million tonnes in 2021.
In 2018, BSR’s net revenueis estimated at more than 102.2 trillion VND (USD), and its post-tax profit at over 8.3 trillion VND, which ishoped to increase to over 8.7 trillion VND in 2021.
BSR is the largest enterprise to be equitised ever,with a value of some 3.2 billion USD.
In 2017, BSR contributed 16percent ofPetroVietnam's total revenue and 33 percent of thegroup's total profit.-VNA
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Illustrative image (Source: VNA) 
