Vietnam's Biggest Oil Transporter to List on HOSE
Vietnam Tanker Company (Vitaco), the biggest petroleum transporter in Vietnam, will start listing on the Ho Chi Minh City Stock Exchange (HOSE) on October 9.
The company will float all 40 million shares, becoming the 11th stock to list on the bourse this year and the 118th stock so far.
Vitaco shares, coded VTO, are scheduled to debut at VND60,000 each, with fluctuation band of 20 per cent.
Vitaco is the key transport arm of Vietnam’s giant oil product importer Petrolimex. Of the VND400 billion registered capital, Petrolimex holds a 51 per cent stake, special shareholders 8.6 per cent, staff 3 per cent and outside investors 37.4 per cent.
The Ho Chi Minh City-based company specializes in oil transport and shipping agent. It accounts for 25 per cent market share of Vietnam's oil product imports and 42 per cent of Petrolimex’s imports.
In 2006, Vitaco netted revenue of VND445 billion, up 17.7 per cent on year, and after-tax profit of VND98.3 billion, surging 227 per cent from 2005. It paid dividend at 12 per cent last year.
This year, the company targets net profit of VND117.4 billion, up 19 per cent on year.
Vitaco plans to raise its registered capital to VND600 billion within the year.
The parent Petrolimex is the biggest oil importer in Vietnam. It imports up to 60 per cent of the country’s oil products a year. (HOSE, Vietnam Economic Times)
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