Vietnam’s PV Oil plans Jan IPO that aims to raise at least US$92 mln

Vietnam state oil distribution firm PetroVietnam Oil Corp (PV Oil) plans to offer 20 % of its shares in an initial public offering in January that aims to raise at least US$92 million, its parent firm said on Friday.

PV Oil would also offer up to an additional 44.72 % to strategic investors and another 0.18 % to employees, state oil and gas group PetroVietnam said in a statement on its website.

The government plans to reduce its stake in PV Oil to 35.1 %, the statement said.