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PVN to offload 11 percent stake in PET

The Vietnam Oil and Gas Group (PVN) has registered to sell about 7 million shares of the PetroVietnam General Services Joint Stock Corporation (PET).
The Vietnam Oil and Gas Group (PVN) has registered to sell about 7million shares of the PetroVietnam General Services Joint StockCorporation (PET).

According to the group, the sale is partof its restructuring plan that has been approved by Prime MinisterNguyen Tan Dung, and is expected to be done via negotiations or amatching order in the local stock market between November 24 andDecember 23, this year.

Currently, PVN holds 24.6 millionshares or a 35.24 percent stake in PET. After the sale of shares, thegroup will still have 17.6 million shares or a 24.25 percent stake.

PET,based in HCM City, is a member company of PVN that has great potentialin the development, trading and distribution of the group's oil and gasproducts, as well as related services and real estate, said arepresentative of the group.

In the first nine months ofthis year, the corporation gained a net profit of 143 billion VND (6.7million USD), an increase of 7.5 percent over the same period last year.

On November 19, PET's shares closed at 24,400 VND (1.15 USD) each in HCM stock exchange.-VNA
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