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Tuesday October 31, 12:43 PMVietnam top gas seller sets share debut on Nov. 24HANOI, Oct 31 (Reuters) - Petrolimex Gas Company, Vietnam's main fuel distributor valued at $56 million, said on Tuesday it would make its share debut late next month.The Hanoi-based gas trader said it would list all its 20 million shares on the Ho Chi Minh City Securities Trading Center on Nov. 24 after receiving a listing licence last week. Petrolimex Gas has not set a debut price, but the shares were priced at $2.8 each on unofficial markets in early October, valuing the firm at $56 million. It is an affiliate of state-run Petrolimex, Vietnam's top fuel importer. Its core business is importing liquefied petroleum gas and distributing it through a network it says accounts for 20 percent of the domestic market. The gas business generates 97 percent of Petrolimex Gas revenues. It competes with oil majors including BP , Petronas [PETR.UL], Royal Dutch Shell and Total . About two dozen Vietnamese firms are seeking State Securities Commission permission to make their debuts on Ho Chi Minh City's stock market before the government ends corporate tax relief for listed firms on Jan. 1, 2007. The Cat Loi Company will make its stock debut on Nov. 16 and shares in Alta Company start trading on Nov. 22. The Hanoi-based Rang Dong Light Source and Vacuum Flask Co. said it will list all its 7.9 million shares on Dec. 6 and three more companies have permission to list but have not announced dates. The VN Index fell 0.17 percent to close at 511.54 on Tuesday. But it has risen 66 percent so far this year, making the market the fastest-growing in Asia. The six-year-old market now has 52 companies and a capitalisation of around $3.2 billion. ($1=16,044 dong) |
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