VietJet Air’s Founder Joins Race for Strategic Stake in PV Oil | BizNEWS

Sovico Holding, a founding shareholder of Vietnam’s privately-run low-cost airline VietJet Air, has joined a race with foreign rivals for a strategic stake in PV Oil, the second-largest fuel distributor in Vietnam.
Six foreign institutions and two Vietnamese companies have submitted bids to buy shares of PV Oil, formally known as PetroVietnam Oil Corp., the company’s CEO Cao Hoai Duong said at a roadshow in Ho Chi Minh City earlier this week.  

The six foreign bidders are Shell, Idemitsu, Puma, Kuwait Petroleum International (KPI), PTT, SK, and the two Vietnamese contenders are Sacom Investment Fund and Savico Holding, Duong added.

“Foreign investors all have expressed interest in acquiring a maximum stake of 49% in PV Oil and domestic ones are looking to buy up to 35%,” Duong tipped.

Sovico is 52% owned by Nguyen Thi Phuong Thao, the CEO of VietJet Air. The group, which is known for investing in a wide range of businesses including real estate and aviation, increased its registered capital by 50% late last year to three trillion dong ($132.16 million).

Sovico’s keenness to join the fuel distribution industry comes at no surprise as VietJet Air has been growing rapidly and is poised to surpass national flag carrier Vietnam Airlines to take the lead in the domestic aviation market.

According to the Center for Asia Pacific Aviation (CAPA), the Vietnamese domestic market was one of the fastest-growing domestic markets in the world from 2012 to 2016. The growth slowed in 2017, but is expected to continue at a double-digit rate per annum over the next few years.

Under a privatization plan approved by the government in December 2017, PV Oil will launch 206.8 million shares, or 20% of its registered capital, for public auction at a starting price of 13,400 dong ($0.59) each.

It will sell a 44.7% stake to strategic investor(s) and state-run oil and gas group PetroVietnam will keep a 35.1% stake.

The company plans to float shares on a local stock exchange one year after its privatization. In Vietnam, the initial public offering (IPO) and the listing are two separate processes.

Nguồn: vnexpress,,
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