Foreign investors to hold 30% of PVFC’s charter capital
VNGOP – Standing Deputy PM Nguyễn Sinh Hùng on October 08 directed the PetroVietnam Finance Company (PVFC) to sell out its holdings to strategic shareholders under the Government’s regulations on converting 100% State-owned enterprises into joint-stock companies in which foreign investors possess not more than 30 percent of the charter capital and a single foreign investor below 15 percent.
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PVFC operates as a patent-subsidiary company in line with stipulations in Decree 111/2007/NĐ-CP dated on June 26, 2007 by the Government on organizing and managing State-run companies and converting corporations, independent companies, and parent companies owned by the State into parent-subsidiary companies operating under the Law on Enterprise and other legal regulations.
PVFC is currently the biggest financial company in Việt Nam. The Company is permitted to engage in capital mobilization, loans, guarantee, investment and other banking services. At present, it is investing and providing credit services to many large-scale gas and oil projects realized by the national PetroVietnam group. PVFC will be the first finance company to be equitized.
By Phương Uyên
