PV Machino to auction shares

VNStockNews.com - PetroVietnam Machine and Equipment Co plans to hold an auction on December 21, 2009 for 5.64 million shares, accounting for 14.6 percent of the total chartered capital at an initial price of 10,500 dong per share.

Formerly known as Machine and Spare Parts Corp that had been established on June 13, 2003, under ministry of trade (currently known as ministry of industry and trade), PV Machino became the member company of PetroVietnam Power Corp in August 2007 and lately the official member of Vietnam National Oil and Gas Group (PetroVietnam) since March 10, 2009.

PV Machino Co has main business lines in trading, importing and exporting equipment and machines, spare parts of motorbikes and cars, means of transportation, and other services of leasing offices, storehouse, goods delivery services, inbound tourism, trading materials, medical equipments, and raw materials. The company has chartered capital of 386 billion dong, total asset value of 515 billion dong, including debts of 260 billion dong, in which 255 billion dong is short-term loans.

Last year, the company gained net revenue of 963 billion dong, pre-tax profit of 80 billion dong.

In the first nine months of 2009, PV Machino earned revenue of 443 billion dong, and pre-tax profit of 46.7 billion dong.