Petrolimex to divest ownership in BMF

Monday, Dec 05, 2022 17:44

A Petrolimex employee fills up a motorbike at a gas station in Ha Noi. — VNA/VNS Photo

Vietnam National Petroleum Group (Petrolimex) is going to divest all stakes in Dong Nai Building Material and Fuel JSC (UPCoM: BMF).

Petrolimex is slated to sell all its 443,500 BMF shares, equivalent to VND4.4 trillion, to pull money out from BMF.

The shares will be put up for auction in the Ha Noi Stock Exchange with a starting price of VND36,600 apiece. Time of payment is from December 29, 2022 to January 6, 2023.

BMF is not only the company in which Petrolimex plans to divest its ownership. In fact, under its restructuring plan between 2021 and 2025, Petrolimex will proceed with the disinvestment from Petrolimex Group Commercial JS Bank (UpCoM: PGB).

Regarding companies whose core business involves oil and fuels, Petrolimex will remain a majority shareholder. Specifically, it will continue to hold 100 per cent of ownership in 43 affiliated companies.

It is also worth noting that the petrol giant will retain its holding in Petrolimex Singapore Single-Member LTD whereas divest its ownership in Petrolimex Laos Single-Member LTD between 2021 and 2025.

For other companies, Petrolimex will develop a specific restructuring scheme for each, based on its business situation.

For instance, the fuel giant will continue to hold 50 per cent of ownership in Petrolimex Petrochemical Corporation, Petrolimex Gas Coporation, Petrolimex Aviation Fuel JSC and Van Phong Bonded Petroleum Terminal JV LTD.

Additionally, it will own 35 per cent of BP Petco LTD and 40.95 per cent of Petrolimex Insurance Corporation, whereas withdraw its capital from Petrolimex Group Construction and Trading Corporation JSC. —VNS

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