(Adds overseas listing and strategic partner plan, background)
By Mai Nguyen
HANOI, March 29 Vietnam's top fuel importer and
distributor Petrolimex plans to list all its shares on the Ho
Chi Minh Stock Exchange on April 21, its chairman said on
The listing of Petrolimex, 76 percent owned by the
government, is part of the Vietnam's push to privatise
state-owned firms to attract investment. Petrolimex had its
initial public offering in 2011, which in Vietnam is a separate
step from listing shares.
A price for the listing has not been decided, Chairman Bui
Ngoc Bao told reporters on the sideline of Petrolimex's listing
roadshow, but would not be lower than the price sold to Japanese
strategic investor JX Holdings, which is around 40,000
dong ($1.76) a share, he said.
Petrolimex's listing price on the exchange would also be
around its current price on Vietnam's over-the-counter market at
around 47,000-50,000 dong ($2.02-$2.19) per share, Bao said,
which would bring the company's value to $2.7-$2.8 billion.
Bao said he expects JX would be the only strategic investor
in Petrolimex and it could raise its stake in the Vietnamese
firm from 8 percent now to 20-25 percent in the future.
"We follow the one wife-one husband rule ... JX is a
suitable strategic investor in the field of petroleum, and is
the only strategic investor; that's how we can share all
information and trust each other completely," he told investors.
Bao said the Vietnam listing would be a stepping stone for a
possible stock market debut overseas for Petrolimex, where he
sees Singapore, both a financial and energy hub, a suitable
market. But a plan has yet been mapped out, he added.
Petrolimex has a market share of 48 to 50 percent of
Vietnam's total market in the oil and petrol retail and
distribution business, according to Saigon Securities Incorp
(SSI), which advises Petrolimex's listing.
Petrolimex's income before tax in 2016 surged 68 percent
from a year earlier to 6.3 trillion dong ($276.6 million), but
the figure is expected to fall 34 percent this year to 4.1
trillion dong, SSI said.
($1 = 22,773 dong)
(Reporting by Mai Nguyen; Editing by Christian Schmollinger and