Petrolimex plans to sell all treasury shares

On the afternoon of June 3, the Board of Directors of Petrolimex announced its policy to sell all treasury shares. This decision was made two months after the group announced that it did not meet the conditions for a public company. According to the provisions of the Securities Law, a public company must have at least 10% of its voting shares owned by at least 100 minority shareholders.

In April, Petrolimex said it had 43,266 shareholders. According to the latest annual report, the group has two major shareholders, the Ministry of Finance (representing state capital) and ENEOS, with the remaining minority shareholders holding a total of 9.42% of the capital.

In the case of selling all 23.28 million treasury shares, the ownership ratio of minority shareholders increases to about 11.2%, thereby meeting the conditions of a public company.

In the resolution, Petrolimex’s Board of Directors said that selling all treasury shares also helps the group strengthen its financial capacity and balance long-term capital resources. Based on the closing price of the most recent trading session of 39,150 VND, these shares are worth more than 910 billion VND.

Similar to Petrolimex, many listed enterprises originating from equitization of state-owned companies also do not meet the conditions on shareholder structure. They have until January 1, 2027 to fix it, avoiding cancellation of public status and subsequent delisting of shares.

In the middle of last month, leaders of the State Securities Commission said they were finalizing policies and simplifying securities offering procedures. This agency also promotes the application of online public services, increases guidance and support for businesses in the process of issuing shares, divesting capital and restructuring shareholders.

Petrolimex currently accounts for about 50% of the petroleum retail market share in the market. This year, the group targets total consolidated revenue of 330,300 billion VND, an increase of 7% over the same period. Consolidated pre-tax profit is expected to decrease slightly, reaching VND 3,370 billion.

In the first quarter of the year, the group recorded net revenue of approximately VND 98,700 billion, one and a half times the same period last year. However, after deducting all expenses, they had a consolidated loss of 662 billion VND. This is the heaviest quarterly loss in the past 6 years, mainly due to inventory provisioning when gasoline prices increased due to the Middle East conflict.

At the annual meeting at the end of April, Petrolimex General Director Luu Van Tuyen said the board of directors will make every effort to ensure the rights of shareholders, even though this year’s profit plan may not be as good as 2025.