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Petrolimex attempts to sell 12 million treasury stocks again

Update: February, 19/2019 - 17:48
Petrolimex currently holds more than 135 million treasury stocks, equivalent to 10.44 per cent of its capital. — Photo vnmedia.vn
Viet Nam News

HÀ NỘI — Việt Nam National Petroleum Group (Petrolimex) has made a second attempt to sell 12 million treasury stocks, equivalent to 1 per cent of its charter capital, from February 27 to March 28.

The first sale effort was made in January but it failed to sell these stocks due to inappropriate market conditions, according to the company.

Petrolimex currently holds more than 135 million treasury stocks, equivalent to 10.44 per cent of its capital.

Petrolimex’s shares are being traded on the Hồ Chí Minh Stock Exchange (HOSE) at around VNĐ58,000 (US$2.53) per share, gaining 6 per cent since the beginning of this year. At this price, the sale is valued at VNĐ696 billion ($30 million).

The company recorded an increase of 25 per cent in net revenue in 2018, totaling more than VNĐ191.9 trillion ($8.2 billion). Consolidated profit before tax reached nearly VNĐ5.1 trillion, exceeding its yearly target by 2 per cent and up 6 per cent on-year, of which petroleum sales contributed VNĐ2.7 trillion.

Net profit is estimated at more than VNĐ3.7 trillion, up 7 per cent over 2017.

Petrolimex debuted shares on HOSE in April, 2017 with the offering price of VNĐ43,200 per share. One month later, the company sold 20 million out of its 155 million treasury stocks after its share price shot up to more than VNĐ60,000 per share. — VNS

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