5 million shares have been approved within the Registration Contract plan, which will increase PVC – MS’s chartered capital from VND 406 billion to VND500 billion. The Shareholders have agreed to privately issue 5 million shares for strategic investors. McPEC Offshore & Marine Pte Ltd ( McPECOM ) has been selected as a strategic shareholder to issue the aforementioned 5 million shares.
PVC - MS will issue 5 million shares for McPECOM for the price of 10,000 VND / share, earned VND 50 billion. McPECOM became a major shareholder holding 10 % of PXS, with a minimum non-transferal time commitment of 24 months. Mc PECOM will also nominate a person to be elected / appointed to the PVC - MS Board.
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At the same day, the two partners also signed a strategic cooperation agreement, and committed to sharing experience, job skills training and management of human resources for PVC – MS. They also identified immediate goals and long- term hopes of cooperation through shared work on the international market, especially in Asia Pacific.
After the agreement signing, the both companies also signed an economic contract, in which Mc - MS PECOM assigned to PVC construction items Ehouse - Brown Lion (Su Tu Nau) Project with 360 tons of structure and equipment. Brown Lion Mine is located at Lot 15-01 in Cuu Long basin, operated by Cuu Long JOC. Ehouses is the most important part of an oil and gas platform’s operators, which includes the entire process and control system. The implementation will improve and enhance the overall capacity of PVC - MS for EPCI work as general contractor.
In 2011, the PXS was ranked in the Top 200 of Small and Medium Best Enterprises in Asia Pacific by Forbes (America). In 2013, PXS ranks 19th in the Top 50 best listed companies in Vietnam (Forbes Vietnam). This result is based on the evaluation criteria of three consecutive financial years. In 2013, PXS plans for a 1,380 billion revenue, with a profit before tax of 131.6 billion, 13 % dividend.
Information about McPECOM:
McPEC Offshore & Marine Pte Ltd (McPECOM) is established in Singapore, located at 11 Tuas South Avenue 5 , Singapore 637 361 . PEC McShopping Design - Fabrication & Installation ( EPCI ) has business activities in the oil and gas industry . McPECOM has international construction experience in many countries with companies such as Exxon Mobil , ESSO Australia , Conoco Phillips , British Petroleum , McDermott Far East Inc. including projects in the Middle East and Egypt . In Vietnam, McPECOM are patrons of Hoang Long Hoan Vu JOC, Cuu Long JOC and Bien Dong POC. The 2012 McPECOM revenue was 136 million Singapore dollars (more than 110 million U.S. dollars). Before signing a strategic partnership, PXS McPECOM had worked together for 3 years in a number of oil and gas projects in the country and abroad. Mc PECOM has now completed the registration procedures and accounts of foreign investors in Vietnam.
PVC-MS
