VinaCapital member fund seeks to sell 8 million PVS shares
VinaCapital member fund seeks to sell 8 million PVS shares
In a series of strategic moves within the Vietnamese stock market, notable investment funds are reshuffling their holdings in PetroVietnam Technical Services Corporation (PVS).
An offshore platform of PVS. — Photo ptsc.com.vn |
Following Dragon Capital's sale of 1.4 million PVS shares, a VinaCapital member fund has now registered to offload 8 million shares.
The company confirmed that Vietnam Investment Property Holding Limited, a VinaCapital group fund, is set to sell its shares. The trading is scheduled from December 2 to December 31, allowing for negotiated deals and/or matched orders.
The rationale behind this transaction, as stated by PVS, is portfolio restructuring. Post-transaction, Vietnam Investment Property Holding Limited's ownership stake is expected to plummet significantly from 3.28 per cent to a mere 1.6 per cent of the charter capital.
Based on the closing price of PVS shares on December 2 at VNĐ34,300 per share, it is estimated that the fund could pocket VNĐ274.4 billion (US$10.8 million) from this transaction.
Conversely, two VinaCapital member funds, VinaCapital Modern Economic Stock Investment Fund and VinaCapital Market Access Stock Investment Fund, have recently acquired 400,000 and 300,000 PVS shares, respectively.
The trading time for these purchases spanned from November 7 to November 11.
Post-transaction, the combined ownership stakes of these two funds in PVS have been raised to 0.19 per cent and 0.5 per cent of the charter capital, respectively.
Apart from VinaCapital, another foreign fund, Dragon Capital, successfully divested 1.4 million PVS shares on November 21.
PetroVietnam Technical Services Corporation (PVS) is set for a new growth phase as leading securities firms foresee a surge in its business activities. Key projects such as the gas and oil fields Lạc Đà Vàng, Nam Du – U Minh and Block B - Ô Môn are driving this momentum.
The Block B - Ô Môn project is expected to bring in revenues of up to $5.8 billion for PVS through mechanical and construction (M&C) contracts starting in 2024 and an floating storage & offloading (FSO) lease from 2028, as per oil and gas securities analysis.
By late 2024, PVS is expected to start earning revenues from M&C contracts related to the Lô B project, according to industry experts.
In the first nine months of the year, PVS recorded VNĐ14.1 trillion in revenue and nearly VNĐ707 billion in profit after tax, exceeding its annual profit target by 107 per cent.
