Petrovietnam plans to divest from GID, PVTS

Petrovietnam plans to divest from GID, PVTS

Petrovietnam is implementing a plan to divest all capital contributions at Green Indochina Development Joint Stock Company (GID) and Petrovietnam Trade and Services Joint Stock Company (PVTS).

Petrovietnam will gradually divest all capital contributions in enterprises that are not in its main production and business sectors, in order to focus resources on core activities. Photo cafef.vn

The Vietnam National Industry - Energy Group (Petrovietnam) said it is implementing a plan to divest all capital contributions at Green Indochina Development Joint Stock Company (GID) and Petrovietnam Trade and Services Joint Stock Company (PVTS).

PVTS has officially operated since 2007 in trade, financial services, training and event organisation.

PVTS has a charter capital of VNĐ300 billion, of which PVN's contributed capital is VNĐ105 billion, equivalent to 35 per cent of the charter capital calculated at the par value of VNĐ10,000 per share. The starting price for the auction is VNĐ9,200 per share.

Meanwhile, GID was established in 2006 to implement the policy of the Party and Government of Việt Nam in strengthening investment cooperation between Việt Nam and Laos. Since its establishment, the company has invested in 2 projects of surveying, searching and exploring copper and gold minerals in Laos.

GID has a charter capital of more than VNĐ235 billion, of which PVN's contributed capital is VNĐ87 billion, equivalent to 36.9 per cent of the charter capital calculated at the par value of VNĐ10,000 per share. The starting price for the auction is VNĐ19,100 per share.

According to Petrovietnam’s restructuring project until the end of 2025 approved by the Prime Minister, Petrovietnam will gradually transfer all capital contributions in enterprises that are not in its main production and business sectors, in order to focus resources on core activities such as oil, gas and energy exploration, exploitation and processing, as well as high-quality technical services.

The transfer method will be carried out through a public auction at the Hanoi Stock Exchange (HNX). 

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