5:07 PM, 01/06/2011

The Prime Minister has approved the project of equitization and restructuring of Vietnam National Petroleum Corporation, according to which the form of equitization is to maintain the existing state equity in the corporation and to issue shares to raise the enterprise registered capital. The state will hold at least 75percent of the registered capital.

Headquaters of Vietnam National Petroleum Corporation. Source: Petrolimex

Vietnam National Petroleum Corporation has a registered capital of 10.700 billion Vietnamese dongs. Total shares issued for IPO is 1.070 billion shares in which shares held by the state amounts to 1.016.401.867 (94.99% of registered capital), and priority shares for working personnel are 21,172,200 shares (1.98% of registered capital) in which there are 19 persons representing the enterprise in other units, shares for trade union organization are 5 millions (0.47% registered capital), shares for public auction are 27,425,933 (2.56%registered capital).

According to redeployment program, the labour force working at the time of announcement of equitization is 16,502 persons in which 15,995 would move to the joint stock company and there are a surplus of 505 persons.

Representative of state equity holder in Vietnam National Petroleum Corporation after equitization is the Ministry of Trade and Commerce.

By the Decision, Vietnam National Petroleum Corporation and its member units would be restructured in the form of a holding company in which the holding company is held by the state by at least 75percent of total shares.

After restructuring, members companies of Vietnam National Petroleum Corporation comprise: Petrolimex Shipping Corporation, Construction and Installation Corporation, Petroleum Service Corporation , 42 oil companies in all provinces and cities of the country, and a single-member Petrolimex Singapore Company. Other corporations and companies are legally set-up limited liability or equitized companies having equities of Petrolimex Group .

Hoang Dien