CMSC to receive 109 million USD dividend from Petrolimex

15:16 | 06/06/2019 Finance - Banking

The Committee for Management of State Capital at Enterprises (CMSC) will receive a cash dividend of more than 2.55 trillion VND (109 million USD) from the Vietnam National Petroleum Group (Petrolimex) for its performance in 2018.

Motorcyclists have their vehicles refilled at a gas station of Petrolimex - Photo: VNA

The figure is equivalent to a dividend rate of 26 percent, meaning each shareholder with one share will receive 2,600 VND. The deadline for the registration to receive the dividend is May 31, 2019. They payouts will take place on July 23, 2019.

The state ownership in Petrolimex was transferred from the Ministry of Industry and Trade to CMSC last November.

CMSC Chairman Nguyen Hoang Anh said Petrolimex was still one of the largest contributors to the committee and the State budget. In 2018, Petrolimex paid taxes of 38.2 trillion VND (1.64 billion USD) to the State budget.

In previous years, Petrolimex maintained a cash dividend rate of 30 percent and was one of the few State-owned corporations that paid large cash dividends.

At present, the CMSC owns a 83.85 percent stake in Petrolimex but will reduce its capital in the group to 51 percent from 2019-2020.

A major shareholder of Petrolimex, JX Nippon Oil & Energy Vietnam, said it was willing to raise its ownership in Petrolimex from 8.84 percent to 20 percent.

In the first quarter of 2019, Petrolimex earned nearly 1.3 trillion VND (55.6 million USD) in after-tax profit, up 29 percent over the same period last year and fulfilling 30 percent of the yearly plan.

Theo VNA