Sunday, July 23, 2017 - 19:46:53

Petrolimex shares attractive to foreign investors

VNA Print

Illustrative image (Source: petrolimex.com.vn)
Hanoi (VNA) – The Vietnam National Petrolimex Group (Petrolimex) has sold 14.4 million shares at 750 billion VND (32.9 million USD) to foreign investors since the group listed its shares coded PLX on the Ho Chi Minh Stock Exchange (HoSE) on April 21.

Statistics from the HoSE showed that foreign investors splashed out 178 billion VND (7.8 million USD) on purchasing nearly 2.94 million PLX shares during May 22-26.

Petrolimex’s foreign ownership capped at 9.31 percent by May 28. Last year, the Japanese JX Nippon Oil &Energy (JXEV) bought 103.5 million stocks, or 8 percent of the group’s shares, at 39,000 VND per share.

The group’s market capitalisation value tops 78.4 trillion VND (3.4 billion USD), helping the enterprises surpass Vietinbank, BIDV and ROS to enter the club of five largest companies on the HoSE with high capitalisation value.

Last week, Petrolimex announced that it had sold 20 million registered shares at five times higher than the share’s par value. The move is an opportunity for the company to step into VN30, top 30 largest firms in terms of capitalisation and equity.

With a large distribution system of 2,400 stores and franchised agents accounting for 50 percent of Vietnam’s petrol market share coupled with robust business results in the first quarter of this year, PLX will continue to be an attractive code to foreign investors.

Equitised in 2011, Petrolimex has seen turnover growth in its business of petrol, transport, gas and oil. In 2016, the largest fuel importer and distributor of Vietnam achieved a revenue of 123.1 trillion VND (5.42 billion USD). Its post-tax profit in the year was 5.1 trillion VND (224.5 million USD), 50 percent higher than 2015. Profit on each share reached 4,254 VND, just after Vinamilk and Sabeco.-VNA




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