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VietNamNews

PVN to offload 11 per cent stake in PET

Update: November, 21/2014 - 07:51

Currently, PVN holds 24.6 million shares or a 35.24 per cent stake in PET. After the sale of shares, the group will still have 17.6 million shares or a 24.25 per cent stake. — Photo TNCK

HA NOI (VNS) — The Vietnam Oil and Gas Group (PVN) has registered to sell about 7 million shares of the PetroVietnam General Services Joint Stock Corporation (PET).

According to the group, the sale is part of its restructuring plan that has been approved by Prime Minister Nguyen Tan Dung, and is expected to be done via negotiations or a matching order in the local stock market between November 24 and December 23, this year.

Currently, PVN holds 24.6 million shares or a 35.24 per cent stake in PET. After the sale of shares, the group will still have 17.6 million shares or a 24.25 per cent stake.

PET, based in HCM City, is a member company of PVN that has great potential in the development, trading and distribution of the group's oil and gas products, as well as related services and real estate, said a representative of the group.

In the first nine months of this year, the corporation gained a net profit of VND143 billion (US$6.7 million), an increase of 7.5 per cent over the same period last year.

On November 19, PET's shares closed at VND24,400 ($1.15) each in HCM City stock exchange. — VNS

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