Petrolimex to be listed on Ho Chi Minh City Stock Exchange in April

Thursday, 2017-03-30 04:47:48
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NDO - The oil distributor Petrolimex is scheduled to be listed on the Ho Chi Minh City Stock Exchange in April, according to Saigon Securities Inc, the brokerage firm that facilitates the listing.

Petrolimex President Bui Ngoc Bao said on March 29 that after four years of equitisation, the company has taken gradual steps to restructure its business operations.

With Japan’s JX Nippon Oil and Energy Corporation as its strategic shareholder, Petrolimex has significantly improved its administrative system from the board of directors to the executive board and the organisational structure.

Bao said that in the time ahead, Petrolimex would continue to increase the number of filling stations and expand non-oil services at these facilities in order to reach a revenue structure that has 50% coming from selling fuels and the rest from other businesses.

Petrolimex’s shares are currently traded on the over-the-counter market at VND40,000 (about US$1.76).

The firm has set a target of generating VND163 trillion (US$7.17 billion) in revenues in 2017 and VND202 trillion (US$8.89 billion) by 2020.

Last year, the company earned VND5.165 trillion (US$227.26 million) on revenues of VND123 trillion (US$5.4 billion) from trading oil products and chemicals and oil-related businesses.

Petrolimex was founded in 1956 and made its initial public offering in 2011. It currently accounts for 50% of the oil distribution market in Vietnam.