Japan’s Eneos Corp. registers to buy 1% stake in Petrolimex

The strategic investor of Vietnam’s largest petroleum retailer Petrolimex registered to buy the shares through transaction to be carried out by order matching on the Ho Chi Minh City Stock Exchange between August 27 and September 25.

If the deal is done successfully, Eneos Corp. will increase its ownership in Petrolimex to nine percent and Petrolimex is expected to have over 75 million treasury shares.

With market price of VND48,500 ($2.09) per share, Eneos is estimated to spend more than VND630 billion ($27.2 million) in this deal.

Currently, Eneos Corporation holds $103.5 million PLX shares.

This is the second time this year Petrolimex is selling treasury shares. In June it sold 15 million shares for VND680 billion ($29 million).

Last year, the firm sold 32 million shares for nearly VND2 trillion ($86 million).

In the first six months of 2020, Petrolimex reported VND65,187 billion ($2.8 billion) in net revenue, down 29% and after-tax loss at VND1,080 billion ($46.7 million). The group has fulfilled 53% of its revenue target and is still far from its profit target due to loss.

In 2020, the petroleum retailer targets VND122,000 billion ($5.3 billion) in consolidated revenue and VND1,570 billion ($67.8 million) pre-tax profit.

► Petrolimex targets 2020 pretax profit to fall 72% on global instabilities

► Petrol retailer Petrolimex loses nearly $53mln in H1

► Petrolimex’s 1Q net loss at nearly $81mln from $51mln net income