The initial public offering (IPO) of Vietnam’s Binh Son Refining and Petrochemical (BSR) will be delayed until January at the latest to allow for a larger stake to be sold, its chief executive officer said on Monday.

The state-owned company, which has repeatedly delayed its IPO, plans to sell more than the original goal of 4% of shares - which was expected to raise around USD80 million, CEO Tran Ngoc Nguyen told Reuters, without giving new targets.

The sale is part of the government’s drive to privatize state-owned enterprises to improve their performances.

The potential increase in the size of the IPO is backed by recent improvements in BSR’s business performances, Nguyen said.

“Our revenues increased thanks to a better market condition and productivity,” he said. (Reporting by Mi Nguyen; Editing by Mark Potter)

Source: https://www.reuters.com