Viet Nam National Oil and Gas Group (Petro-Vietnam) plans to offload 25 million shares in its subsidiary PetroVietnam Construction Corporation, reducing its holdings to 41.21 per cent from 51.21 per cent – equivalent to 128 million shares.
Stock will be offered to Thang Long Securities Compamy (TLS) and Sai Gon-Ha Noi Securities Company (SHS), of which TLS will receive 20 million and SHS, 5 million shares. The transaction will be carried out through Viet Nam Securities Depository at an offer price of VND25,000 (US$1.32) per share, which is valid until September 22.
PetroVietnam construction's shares rose 1.08 per cent to close yesterday at VND28,300 ($1.49) on the Ha Noi Stock Exchange.
PetroVietnam said the share sale was in line with the group's plan of reducing the State's ownership in the company.
Phan Thi Hoa, Head of PetroVietnam's Control Committee, said: "PetroVietnam will only retain controlling stakes in members whose businesses specialise in strategic products affecting national economic development or production, in line with the group's core business."
PetroVietnam also plans to reduce its ownership in PetroVietnam Drilling Mud Corporation (Coded PVC) and PetroVietnam Insurance Corporation (Coded PVI).
It reported total earnings of VND235.5 trillion ($12.4 billion) in the first six months of this year – up on the same period last year.
The group's export value in the first six months of the year reached $4.34 billion, meeting 62 per cent of its yearly target and up 24 per cent year-on-year.