PetroVietnam Oil, aims to sell as much as 40 percent of the company to strategic investors, with a view to raising substantial funds through a public offering during the first half of this year.
The money will be used to inject private investment into Vietnam's state-controlled petroleum industry to open up the oil and gas sector and triple its nationwide gas station network to 1,550 outlets through 2022.
PV Oil is currently Vietnams second-largest petroleum retailer with 22% of the retail market. Its larger competitor Petrolimex has approximately 50%.
President and Chief Executive Officer Cao Hoai Duong recently announced from PV's company's Ho Chi Minh City headquarters “We still have big room ahead to grow. We are big enough to buy smaller competitors to expand market share".
"We are planning $280 million in acquisitions over the next five years, with about $170 million coming from cash holdings and the rest from bank borrowings" He added..
Duong said that as many as 10 potential strategic investors, including “major oil companies” from Japan, South Korea, Thailand, Vietnam and the Middle East, have applied to buy the shares.
He concluded, "We are looking for good strategic partners so we can make another M&A success," referring to past acquisitions to expand its retail network ‘Most Attractive’.
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