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Petrovietnam unit’s local listing moved up to October


September 19, 2008

Petrovietnam unit’s local listing moved up to October
Vietnam’s state oil group Petrovietnam's financial arm PVFC, 10-percent-owned by Morgan Stanley , said on Thursday it has moved its listing on the country's Ho Chi Minh Stock Exchange to next month instead of 2009, reported Reuters.

"Our latest plan is to list PVFC shares in October, but no specific date has been selected yet," a spokeswoman for the Hanoi-based company said.

Last Thursday, a PVFC official said the company planned to defer a planned share listing in Singapore until early next year before its domestic listing to boost its share price.

But company officials said they had now decided to list at home first, as listing procedures in Singapore could take a long time to complete.

The company acts as the de facto bank for Petrovietnam, which has a 49 percent stake in PVFC.

PVFC said revenue in the first eight months of 2008 soared 150 percent to 2.45 trillion dong ($148 million) from a year ago.

It posted an unaudited pre-tax profit of 352 billion dong in the period. The company did not give any comparison for the same period last year.

Last year, Morgan Stanley paid nearly 70,000 dong per share, or about $215 million in total, to buy a stake in PVFC.

PVFC shares have since tumbled to around 28,000 dong to 30,000 dong each, echoing a sharp slump in the local market as Vietnam struggles with eight months of double-digit inflation and a soaring trade deficit.

The present share price values PVFC at about $700 million.

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