Vietnam’s Petrolimex Gas Co., the country’s key distributor of fuel, was expected to raise at least VND70.88 billion (US$4.4 million) when it auctions more than 4 million shares in May, a stock market statement said.
The Hanoi-based company set an opening bid price of VND17,500 dong ($1.1) for the 4.05 million shares, with a face value of 10,000 dong each, to be auctioned on May 10, the statement seen on Monday said.

Investors were seeking to buy Petrolimex Gas shares at VND30,000 each on unofficial markets, which meant the firm’s value could be around VND450 billion ($28 million).

Petrolimex Gas has said it wanted to reduce state ownership, now 87 percent, through share auctions before it applies to list.

State-run firms in Vietnam often undergo partial equitization through the sale of shares to employees and outsiders before applying for a listing license and making a debut on the stock exchange.

Posted: 04|24|06 at 7:20 am. Filed under: Auction News.