Petrolimex to launch initial public offering

The Vietnam National Petroleum Corporation (Petrolimex) will launch an initial public offering on the Hanoi Stock Exchange on July 28. The IPO is to be priced at VND 15,000 or US$0.72 per share. The company is offering 27.4 million shares, or 2.56% of its share capital, to the public, 1.98% to employees and 0.47% to labor unions. The government will hold the remaining 94.99% stake. The IPO offer price has been reviewed by the Ministry of Industry and Trade and the Ministry of Finance and was approved by the central government in May. (July 4,2011)