The Ministry of Industry and Trade (MOIT) has submitted to the Prime Minister (PM) the proposal of equitization plan for Vietnam Oil and Gas Corporation (PV Oil) of Vietnam Oil and Gas Group (PVN).
In the proposal MOIT asks the PM to consider allowing the foreign investors who have participated in or committed to invest in oil refinery projects in Vietnam to buy all shares of PV Oil offered by initial public offering (IPO -20%) and offered for the strategic investors (44.7%).
According to the MOIT, the PV Oil equitization plan has been perfected after receiving comments from concerning ministries, and adjusting and supplementing a number of the points in comparison to equitization plan previously submitted to PM as selling shares for the strategic investors, suggesting to allow PV Oil to list directly its shares on the Ho Chi Minh city Stock Exchange (HOSE) within one year from IPO date, labor arrangement plan.
Regarding the criteria for selecting the strategic investors, the MOIT informed that the comments of Ministry of Planning and Investment on financial capacity of the strategic investors commitments for product output, sanctions for dealing commitments have been received.
In fact, on the financial capacity, the proposal suggests the equity of strategic investors must be from 2,000 billion VND and over, the financial report data must be audited at the time of submission of registration documents. The investors must commit to let PV Oil participate selling the products of Binh Son and Nghi Son Refineries to ensure the task of executive sales of products of these plants within 10 years.
The MOIT as well as proposes prolong the initial share sale period in stead of completing procedures of the initial share sale according to the regulation in the forth quarter of 2017.