State Bank allows PVFC to list on HOSE

Hanoi (VNA) - PetroVietnam Finance Corporation (PVFC), the financial arm of petrol giant PetroVietnam, has received the State Bank of Vietnam's approval to list shares on the Ho Chi Minh Stock Exchange (HOSE).
The decision came on September 10 and noted the corporation must
also receive permission from the management board of the HCM Stock Exchange
(HOSE) for this listing.

PVFC's spokesman Tran Van Hoa said the corporation was carrying out the
final procedures for the listing.

"The listing is expected to be implemented in early October," said Hoa.
However, he did not say how many shares would be listed or their offering
price.

According to the domestic press, the corporation could list all of its
chartered capital of 5 trillion VND (303.03 million USD) after receiving
permission from HOSE.

PVFC made its initial public offerings (IPO) last September. The average
winning price of its share was 70,600 VND a piece. The finance corporation
has successfully worked with US-based financial group Morgan Stanley, which
is PVFC's sole strategic partner.

PVFC has recently inked a deal for PetroVietnam Oil (PV Oil) to implement
capital management services at PV Oil. Under the deal, the finance
corporation is allowed to use part of the capital in PV Oil's non-resident
account to invest in PVFC's projects.

The finance institution must also pledge to pay a higher interest than that
offered for non-resident accounts by commercial banks, and ensure enough
capital to PV Oil from this account.

This service which PVFC will provide to PV Oil by the end of 2009, is
regarded as an effective use of idle capital in non-resident accounts.

In the first eight months of this year, PVFC earned a pre-tax profit of 352
billion VND (21.3 million USD), as well generating a turnover of 2.45
trillion VND.-Enditem