The Petrolia Fund will issue 200 million Class “A” and Class “B” shares on the Caracas Stock Exchange with a nominal value of 1 bolivar each. In other words, with this placement it is expected to raise 20 million bolivars that will serve as seed capital.
A new investment fund will issue shares on the Caracas Stock Exchange (BVC). This time, it is the Petrolia Fund, which last Friday, July 12, presented its offer to investors at the headquarters of the capital’s stock exchange. The placement will contribute to the company’s seed capital of approximately 200,000 dollars.
According to what is stated in your placement prospectus approved by the National Securities Superintendence (Sunaval)The Petrolia Fund aims to invest, capitalize and Financing of all types of commercial activity related to the hydrocarbon sector, including the exploration and production of oil, gas and their derivatives, as well as the storage, transportation and marketing of all types of oil and gas products.
«In general, the company’s purpose is to carry out all types of lawful commercial activities involving products, services, goods, supplies, equipment or machinery related, directly or indirectly, to the oil, gas, chemical and metalworking industries, without implying any limitation derived from any of the above sectors. It may also invest and finance technological developments, in all their categories and phases, related to communications, digital technology, telematics, microelectronics, robotics and biotechnology, among others oriented or linked to oil, gas, chemical and metalworking activities.»
The public offering of this fund consists of 20 million common, registered, non-convertible bearer shares with a nominal value of 1 bolivar, which amounts to 20 million bolivars, that is, a subscription of 2 million Class “A” shares and 18 million Class “B” shares.
The minimum investment is 4 thousand bolivars or 100 dollars at the official exchange rate, and the order book will open between July 15 and 22.
This placement is led by the Kairos Valores stock exchange. Among the seven promoters of the Petrolia Fund are: Reinaldo Quintero, former president of the Venezuelan Oil Chamberand president of Petropymi Fedeindustria; as well as, Alvaro Perez Diaz, founding partner and director of Azex Industrial CA and Garabet Topalian Chahwan, president of the company Sola Trading CA Inc. and managing partner of the company G&F Technolgy Group CV.
They explained that this issue seeks to finance contractors who provide services to oil operators in Venezuela in the chemical, petrochemical, metalworking and general procurement industries, in addition to the promotion and development of the national economy. They hope that with Petrolia they can become the link with national and foreign investment in the stock market. and following the agreements established between private companies and the state-owned company PDVSA.
«It should be noted that Fondo Petrolia CA will be key to the development of the new local stock market
financial instruments that allow for further democratization in the application of the oil industry in
goods and services for the country.”
The Caracas Stock Exchange has been the venue for the issuance of other investment funds, including Mobility Venture, AlAlza Inversiones, Fivenca, Impulsa Agronegocios and Montesco Fondo Agroindustrial.
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