PetroVietnam Construction (PVX) will offer an additional 100 million shares to raise capital for some ongoing projects.
The company will sell 92.5 million shares to existing shareholders at 1:0.61 ratio and 7.5 million other shares to staff. The shares will be offered at VND10,000 a piece.
The shareholders interested in buying shares can register through May 12.
"We expect to raise VND1 trillion (US$52.6 million) from this offer, which will help us increase our charter capital to VND2.5 trillion ($131.6 million)," said general director Vu Duc Thuan.
Additional capital would also be put in the company's ongoing projects, including a steel plant and a hotel complex, Thuan said, as well as invested in several affiliated companies like Mien Trung Petroleum Construction Company and Petroleum Industrial & Civil Construction Company.
PetroVietnam Construction has projected earnings this year of VND7 trillion ($368.4 million), up 65 per cent from last year, and expects to post a net profit of VND642 billion ($33.8 million), twice last year's figure.
The company plans to focus on its three core lines of business: installation, real estate development and industrial production, and has 17 ongoing projects, including the Vinafood Building No.1, Nghi Son Petrochemical Refinery Complex and Nha Be petroleum warehouse.
Three potential strategic partners from Australia, the US and South Korea were eyeing investments in the company, said a company representative, adding that the firm planned to make four subisidiaries public this quarter, including the Ha Noi Petroleum Construction Company, Mien Trung Petroleum Construction Company, Petroleum Industrial & Civil Construction Company, and Petroleum Pipeline & Tank Construction Company.