Petrolimex attempts to sell 12 million treasury stocks again

11:03 | 26/02/2019 Energy

Vietnam National Petroleum Group (Petrolimex) has made a second attempt to sell 12 million treasury stocks, equivalent to 1 percent of its charter capital, from February 27 to March 28.

Petrolimex currently holds more than 135 million treasury stocks, equivalent to 10.44 percent of its capital — Photo vnmedia.vn

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 percent of its capital.

Petrolimex’s shares are being traded on the Hồ Chí Minh Stock Exchange (HOSE) at around VND58,000 (US$2.53) per share, gaining 6 percent since the beginning of this year. At this price, the sale is valued at VND696 billion ($30 million).

The company recorded an increase of 25 percent in net revenue in 2018, totaling more than VND191.9 trillion ($8.2 billion). Consolidated profit before tax reached nearly VND5.1 trillion, exceeding its yearly target by 2 percent and up 6 percent on-year, of which petroleum sales contributed VND2.7 trillion.

Net profit is estimated at more than VND3.7 trillion, up 7 percent over 2017.

Petrolimex debuted shares on HOSE in April, 2017 with the offering price of VND43,200 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 VND60,000 per share.

Theo VNS