Ha Noi (VNA) - Morgan Stanley is likely to become a strategic partner of the Viet Nam Oil and Gas Group (PVN)'s Finance Company (PVFC) when the latter sells shares to the public, the PVN chief executive officer has said.
Dinh La Thang, President of the PVN Board of Directors, said PVN officials will meet representatives of Morgan Stanley next week to discuss the prospect of a cooperation pact between the two companies.
He announced the plan at the inauguration of the PVFC's three new subsidiaries, including PVFC Invest, PVFC Land and PVFC Media, in Ha Noi on October 8.
Right after the inauguration, PVFC Invest and PVFC Land , which have a chartered capital of 500 bilion VND each, and PVFC Media, whose chartered capital is only 100 billion VND, signed six investment contracts and agreement pacts worth billions of USD with partners inside and outside the PVN.
According to Thang, the establishment of the three new companies was the first move in an equitisation plan of the PVFC, which plans to embark on its first IPO on October 19 as 30 percent of its shares are auctioned off.
PVFC plans to increase its current chartered capital of 3 trillion VND to 5 trillion VND and establish new subsidiary companies after equitisation.-Enditem
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