| HANOI, April 21
HANOI, April 21 Shares of Vietnam's Petrolimex
jumped 13.3 percent on debut Friday, valuing the
country's top oil products distributor at around $2.8 billion,
Reuters data showed.
The stock price closed at 48,900 dong ($2.15) from its
opening price of 43,200 dong a share, with a total of 4.8
million shares traded on the day.
Petrolimex's listing on the Ho Chi Minh Stock Exchange is
part of the Vietnam government's push to privatize state-owned
firms to attract investment.
The government owns three-fourths of the company, while
Japan's newly-formed JXTG Nippon Oil & Energy Corp,
previously JX Holdings, holds 8 percent.
"The demand for PLX was not too significant today. But now
is too soon to say anything as it's just the first trading day,"
said Ha Le, an analyst at Vietcombank Securities.
The exchange allows stock prices to move up to 20 percent
higher or lower from their opening prices on debut, and up to 7
Petrolimex's market share in Vietnam's petroleum retail and
distribution business is around 48-50 percent, Saigon Securities
Incorp (SSI), which advised Petrolimex on its listing, said.
Petrolimex's income before tax surged 68 percent last year
from 2015 to 6.3 trillion dong ($276.6 million).
Pre-tax income is however expected to fall 34 percent to 4.1
trillion dong this year, SSI said.
(Reporting by My Pham; Editing by Biju Dwarakanath)