Binh Son Refining (BSR) withdraws HNX listing application
Binh Son Refining and Petrochemical Joint Stock Company (BSR) has sent a document to the Ha Noi Stock Exchange (HNX) to withdraw its registration for listing shares on the northern bourse.
Previously, BSR applied to list more than 3.1 billion shares on HNX on May 29.
However, due to the negative impacts of the COVID-19 pandemic and the fluctuation of world oil prices on the company, BSR has decided to postpone the stock listing plan to focus on core business.
BSR said it would consider listing again when the company's internal conditions and general market conditions are more suitable.
In the first nine months of this year, BSR suffered losses of nearly VND4.1 trillion (US$177.3 million). The accumulated loss of BSR as of the end of the third quarter was VND1.2 trillion.
According to HNX regulations, a firm wishing to list must not have accumulated losses.
BSR shares were registered for trading on UPCom from March 1, 2018, with the first session’s closing price of VND31,300. However, BSR has plunged and the current price is only about VND7,000-VND8,000 per share.
BSR is a wholly-owned subsidiary of Viet Nam National Oil and Gas Group (PetroVietnam) and operator of the $3 billion Dung Quat Oil Refinery, the first oil refinery in the country. The company’s charter capital is VND31 trillion.