Petrolimex plans to sell 13 million treasury stocks

August 12, 2020 | 16:33
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Local oil and gas giant Petrolimex once again issued plans to sell millions of treasury stocks due to the impacts of the COVID-19 lockdown.
petrolimex plans to sell 13 million treasury stocks
Petrolimex has sold millions of treasury stocks so far this year

Vietnam National Petroleum Group (Petrolimex – HSX: PLX) has just declared putting 13 million treasury stocks on trade, which was approved by Resolution No.218/PLX-NQ-HDQTon August 11, 2020.

If the transaction takes place smoothly, the company will keep 75 million treasury stocks.

Previously on June 16, Petrolimex sold 15 million treasury stocks for VND45,318 ($1.97) each, getting nearly VND680 billion ($29.57 million).

At now, PLX stocks are at VND46,000 ($2). If the deal fetches this price, Petrolimex will collect nearly VND600 billion ($26.1 million).

The 2020 shareholders' meeting approved Petrolimex's business plan with VND122 trillion ($5.3 billion) in total revenue, down 35 per cent on-year. The estimated pre-tax profit in 2020 is VND1.57 trillion ($68.26 million), equaling 28 per cent of last year's profit.

Over the first six months of 2020, Petrolimex saw VND65 trillion ($2.83 billion) in integrated earnings but a negative profit of VND1.2 trillion ($52.17 million).

By Van Anh

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