South Korea’s SK Energy becomes Vietnam’s PV Oil second largest shareholder
With the holding of 5.23% stake in PV Oil, SK Energy is second only to Vietnam National Oil and Gas Group (PetroVietnam) which is the state capital representative with 80% stake,.
South Korea’s leading oil company SK Energy announced the purchase of 3.55 million shares or 0.34% stake in Vietnam’s second largest petroleum distributor PetroVietnam Oil (PV Oil), thus becoming the latter’ second largest shareholder.
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Following the transaction concluded on November 13, SK Energy has increased its shareholding to 54.1 million shares or 5.23% stake in PV Oil, which is second only to PetroVietnam being the state capital representative with 80% stake.
At the annual general meeting in late July, PV Oil’s shareholders approved the proposal to increase cap on foreign ownership at 6.62%.
In January , PV Oil successfully sold 20% of its charter capital through an initial public offering (IPO) for VND4.1 trillion (US$184 million) in proceeds, exceeding the government target of raising at least US$122 million.
Under the firm’s privatization plan approved by the government, PV Oil’s charter capital is set at VND10.34 trillion (US$440.78 million). Additionally, the oil firm will further offer an additional 44.72% stake to strategic investors through a private placement, resulting in a reduction of state ownership to around 35%. Through this deregulation process, PVOil is expected to raise a total of US$400 million.
In May, PetroVietnam said in a statement South Korea's SK Energy, Japan's Idemitsu Kosan and two Vietnamese companies have registered as potential buyers of PV Oi’s stake, with demand for the offered shares exceeding supply by nearly three times.
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years