HoSE has received the listing application from Binh Son Refinery and Petrochemical Company.

The plan to transfer its listing to the Ho Chi Minh City Stock Exchange has been underway for a long time, but the official listing application has only now been submitted, thanks to the resolution of the "bottleneck" regarding the overdue debt of its subsidiary.

The major player on the UPCoM exchange has submitted its listing application to the Ho Chi Minh City Stock Exchange.

The Ho Chi Minh City Stock Exchange (HoSE) has announced that it has received the listing application for BSR shares of Binh Son Refining and Petrochemical Joint Stock Company (code BSR - UPCoM exchange). The application was received on August 21st.

Previously, the company had passed a Board of Directors resolution approving the listing of BSR shares. This included finalizing the shareholder list to establish a shareholder register with the Vietnam Securities Depository and Clearing Corporation. Simultaneously, the company prepared to submit the necessary documents and carry out the required procedures for listing its shares on the HoSE in 2024.

The plan to transfer its listing to the stock exchange by Binh Son Refinery and Petrochemical Company (BSR-BF) had been underway for several years but faced obstacles due to the overdue debt of its subsidiary. However, according to the Q2/2024 financial report, on May 27, 2024, the People's Court of Quang Ngai province issued a decision to initiate bankruptcy proceedings against the Central Vietnam Petroleum Biofuel Joint Stock Company (BSR-BF). Therefore, in the Q2/2024 financial report, BSR adjusted its investment in BSR-BF from an investment in a subsidiary to an investment in another entity. In the recently published semi-annual audit report, Deloitte pointed out two issues that need to be emphasized. Regarding BSR-BF, BSR has terminated its control over BSR-BF. Consequently, the consolidated financial statements of BSR-BF ceased to be included as consolidated financial statements from May 27.

In the second quarter of 2024, Binh Son Refinery achieved net revenue of VND 24,429 billion, a decrease of 27% compared to the same period last year. Net profit attributable to parent company shareholders decreased sharply by 43% to nearly VND 768 billion. The main reason was the temporary suspension of operations at the Dung Quat Refinery for comprehensive maintenance in March-April 2024, resulting in reduced production and consumption compared to the same period last year. In addition, the complex fluctuations in crude oil and product prices also contributed to the decline. For the first half of the year, revenue reached VND 55,118 billion, a decrease of 19% compared to the same period last year. Net profit attributable to parent company shareholders decreased by 35% to VND 1,925 billion.

As of June 30, 2024, BSR's total assets reached VND 86,243 billion, equivalent to the beginning of the year. Of this, bank deposits amounted to nearly VND 40,000 billion, an increase compared to over VND 37,448 billion at the beginning of the year.

Recently, the Board of Directors of Binh Son Refinery and Petrochemical also approved the plan to pay a cash dividend for 2023 at a rate of 7% (700 VND/share). The last registration date for shareholders to receive the dividend is October 15th. Thus, the ex-dividend date is October 14th. The dividend will be paid to shareholders on November 11th.

On the stock market, BSR's share price closed the trading session on August 23, 2024 at VND 24,000 per share, representing an increase of approximately 29% compared to the beginning of the year. Correspondingly, the market capitalization of Binh Son Refinery and Petrochemical Company is VND 74,411 billion, equivalent to USD 2.96 billion.

Source: https://baodautu.vn/hose-da-nhan-ho-so-niem-yet-cua-loc-hoa-dau-binh-son-d223202.html