Petrovietnam group fertiliser company lists in Ha Noi
Petrovietnam group fertiliser company lists in Ha Noi
The South-West Petroleum Fertiliser and Chemicals Company (PVFCCo - SW) on Tuesday listed 17 million shares on the Ha Noi Stock Exchange at a reference price of VND13,500 (US$0.62) each.
PVFCCo – SW, in which Petrovietnam Fertilisers and Chemicals Joint Stock Company owns a 75 per cent stake, distributes Phu My and other companies' fertilisers in the Cuu Long (Mekong) Delta, an agriculture hub with an annual demand of nearly 2 million tonnes of inorganic fertilisers.
The seven-year-old company has built a distribution network throughout the region, a dock and warehouses with a total capacity of 90,000 tonnes in Can Tho city and An Giang, Tien Giang and Dong Thap provinces.
Le Cu Tan, the company's chairman, said the listing would help popularise its brands and raise capital on the market for business development.
The PVFCCo – SW hopes to earn pre-tax profits of VND28 billion ($1.29 million) on revenues of VND2.47 trillion ($113.98 million).
Last year its sales topped VND2.57 trillion ($118.59 million), 63 per cent of it from Phu My-made nitrogenous fertilisers.
