Petrolimex wants to sell all of its treasury shares.

Petrolimex plans to sell all 23.2 million treasury shares to meet the requirements for becoming a public company, while also strengthening its financial capacity and balancing long-term capital sources.

Two major shareholders at Petrolimex hold 88.95% of the charter capital. Photo: Viet Linh .

The Board of Directors of Vietnam Petroleum Corporation - Petrolimex (HoSE: PLX) has just announced a resolution on the policy of selling treasury shares.

Specifically, the Group's Board of Directors unanimously agreed to sell all of its existing treasury shares - 23.2 million shares (equivalent to 1.8% of the charter capital) - to meet the requirements for a public company as stipulated by current laws, while also strengthening its financial capacity and balancing long-term capital sources.

The Chairman of the Board of Directors is tasked with directly overseeing and organizing the execution of this transaction.

Based on the list of shareholders entitled to attend the 2026 Annual General Meeting on March 25th, Petrolimex has a total of 43,266 shareholders. However, these 43,264 shareholders, who are not major shareholders, only own voting shares equivalent to 9.419% of the charter capital, which is lower than the minimum 10% required by the Securities Law.

On the other hand, the two largest shareholders in this petroleum company are the State Capital Management Committee (holding 75.87% of the charter capital) and Eneos Vietnam Co., Ltd. (holding 13.08% of the charter capital).

In April, Petrolimex notified the Ho Chi Minh City Stock Exchange (HoSE) that the company no longer met the requirements to be a public company.

Regarding business performance, Petrolimex recorded net revenue of nearly 98,700 billion VND in the first quarter of this year, an increase of over 45% compared to the same period last year. This is the highest quarterly revenue for the company in the past 13 years.

However, the revenue increase did not translate into profit as the cost of goods sold also escalated correspondingly, causing gross profit to remain almost flat compared to the same period last year, reaching approximately VND 3,700 billion .

Cost pressures have even eroded the business results of this major petroleum retailer. After deducting all expenses, Petrolimex reported a loss of over 662 billion VND , a stark contrast to the nearly 211 billion VND profit in the same period last year. This is also the company's largest loss since the first quarter of 2020, and marks its first quarterly loss in six years.

The main reason stems from the unusual fluctuations in world oil prices following the conflict between the US, Israel, and Iran from the end of February, causing gasoline and diesel prices to skyrocket in March, at times reaching record highs.

Domestically, the supply shortage has led smaller distributors to restrict imports, putting pressure on larger distributors to ensure energy security. To compensate for the supply shortage, Petrolimex has had to import goods at high spot prices, with significant surcharges, and maintain higher-than-regulated inventory levels.

However, the continuous and significant drop in fuel prices during April posed a risk of diminishing the value of purchased goods, becoming a key factor impacting Petrolimex's fuel business performance in the first quarter.

Source: https://znews.vn/petrolimex-muan-ban-toan-bo-co-phieu-quy-post1656877.html