On the afternoon of 3/6, Petrolimex's Board of Management announced the plan to sell its treasury shares. This decision follows the group's announcement two months prior that it did not meet the criteria for a public company. According to the Securities Law, a public company must have at least 10% of its voting shares owned by a minimum of 100 minority shareholders.
In April, Petrolimex reported having 43,266 shareholders. The latest annual report indicates the group has two major shareholders: the Ministry of Finance, representing state capital, and ENEOS. Minority shareholders collectively hold 9,42% of the capital.
Selling all 23,28 million treasury shares would increase minority shareholder ownership to approximately 11,2%, thereby fulfilling the public company requirement.
In its resolution, Petrolimex's Board of Management stated that divesting all treasury shares would also enhance the group's financial capacity and balance its long-term capital sources. Based on the closing price of 39,150 dong in the most recent trading session, these shares are valued at over 910 billion dong.
Many other listed enterprises, originally equitized state-owned companies, also face similar challenges with their shareholder structures. They have until 1/1/2027 to address these issues, preventing the loss of their public company status and subsequent delisting of shares.
In mid-last month, a leader from the State Securities Commission (SSC) indicated it was finalizing policies and simplifying securities offering procedures. The agency is also promoting online public services, offering more guidance and support to businesses during share issuance, divestment, and shareholder restructuring.
Petrolimex currently commands approximately 50% of the retail petroleum market share. This year, the group targets a consolidated total revenue of 330,300 billion dong, representing a 7% increase year-on-year. Consolidated pre-tax profit is projected to decrease slightly, reaching 3,370 billion dong.
In the first quarter, the group recorded net revenue of approximately 98,700 billion dong, one and a half times that of the previous year. However, after all expenses, it incurred a consolidated loss of 662 billion dong. This marks the deepest quarterly loss in six years, primarily due to inventory provisions as gasoline prices surged following the Middle East conflict.
At the annual meeting in late April, General Director of Petrolimex Luu Van Tuyen affirmed the leadership team's commitment to ensuring shareholder interests, even if this year's profit target may not match 2025.
Phuong Dong
