Pitco To Reduce State-Own Stake

Product structure by turnover of Pitco. (Source: SSI)

Petrolimex International Trading Joint-stock Company (Pitco), which has the chartered capital of VND 60 billion, announced the sale of 29% state-owned shares to the public.

Pitco is a member of the Viet Nam Oil & Gas Corporation (Petrolimex) and one of the ten leading export enterprises in Viet Nam.

According to the company’s consultant, the Sai Gon Securities Incorporation (SSI), 174,000 Pitco shares (VND 100,000/share of par value) will be offered at a relatively low starting price, VND 125,000 per share.

This issuance is a part of the plan to mobilize capital for Petrolimex’s paint factory, a move to diversify the company’s businesses as it will not be allowed to maintain its oil & gas monopoly in the future.

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Reported by Tuong Chau

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