Petrosetco's building in Ben Nghe Ward, District 1, HCM City. — Photo petrosetco.com.vn

Petrovietnam General Services JSC Corporation (Petrosetco, PET) just announced a plan to issue stocks for employees (employee stock ownership plan, ESOP) in 2021.

Accordingly, Petrosetco will issue another 4 million ESOP shares with a rate of 4.79 per cent of the company's outstanding shares. The issue price is VND10,000 per share, less than half the market price.

Time to receive money to buy shares is from July 19 to August 21. The transfer restriction period for stocks issued under the company’s ESOP is two years from the completion date of the offering.

Of which, all employees who are allowed to buy ESOP shares this time will commit to work for Petrosetco for at least two years. In case an employee resigns before the deadline specified above, all ESOP shares will be retrieved at a price that is not lower than VND10,000 per share.

Petrosetco also announced registration to sell all of its more than 3 million treasury shares, with the expected trading time from July 22 to August 18. The purpose is to add business capital and invest in development. The deal is made through order matching and/or agreement.

The bid price will follow the Ho Chi Minh Stock Exchange (HoSE) price determination principles and the Ministry of Finance's regulations, but must not be lower than VND18,000 per share.

On the stock market, PET shares were traded at VND21,300 per share on Monday morning. At this price, Petrosetco will collect VND63.9 billion from the transaction. — VNS