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Bình Sơn Refining withdraws HNX listing application

Update: November, 28/2020 - 07:19

 

BSR is a wholly-owned subsidiary of Việt Nam National Oil and Gas Group (PetroVietnam) and operator of the $3 billion Dung Quất Oil Refinery, the first oil refinery in the country. — Photo cafef.vn

HÀ NỘI — Bình Sơn Refining and Petrochemical Joint Stock Company (BSR) has sent a document to the Hà Nội 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 VNĐ4.1 trillion (US$177.3 million). The accumulated loss of BSR as of the end of the third quarter was VNĐ1.2 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 VNĐ31,300. However, BSR has plunged and the current price is only about VNĐ7,000-VNĐ8,000 per share.

BSR is a wholly-owned subsidiary of Việt Nam National Oil and Gas Group (PetroVietnam) and operator of the $3 billion Dung Quất Oil Refinery, the first oil refinery in the country. The company’s charter capital is VNĐ31 trillion. — VNS

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