Petrolimex (PLX) extends deadline for asset sales in Laos until mid-2026

Petrolimex (PLX) extends deadline for asset sales in Laos until mid-2026

Petrolimex has pushed back the deadline to sell its Laos subsidiary to mid-2026 as it advances a broader restructuring drive aimed at streamlining operations and boosting efficiency.

Petrolimex Laos' gasoline station in Vientiane. — Photo courtesy of the company

Petrolimex has announced an extension of the timeline for its planned asset sale of its fully owned subsidiary Petrolimex Laos until June 30, 2026.

The decision was made by the company's Board of Directors, who also confirmed that all other terms of the asset sale will remain unchanged, adhering to the previously established regulations outlined in Decision No. 940/PLX-QĐ-HĐQT dated September 12.

Petrolimex will provide supplementary information about the sale through various official communication channels, as stipulated in the asset sale regulations regarding its investment in Petrolimex Laos.

The Board has designated Trần Tuấn Linh, a board member, to lead the research and development team tasked with strategising the divestment of the group's investment in Petrolimex Laos, succeeding Lưu Văn Tuyển.

Petrolimex Laos is located in Sikhottabong District, Vientiane and the total value of Petrolimex's investment in the company stands at approximately US$1.89 million, representing 100 per cent of the company's charter capital.

According to Petrolimex, participation in the asset bidding process requires that investors meet criteria outlined in the asset sale regulations for Petrolimex's investment in Laos. The reserve price for the auction is over VNĐ68.1 billion.

Investors are required to submit a deposit of 10 per cent of the total value of the shares they intend to purchase, calculated based on the agreed price in đồng.

Bidders must submit their letters of intent and accompanying documents by 4pm on June 30, 2026 at Petrolimex's headquarters located at 1 Khâm Thiên, Văn Miếu – Quốc Tử Giám Ward, Hà Nội.

Before the submission deadline, interested investors may engage directly with the owner of the shares to negotiate and clarify any enquiries regarding the company involved and the sale process, as detailed in the regulations.

Petrolimex has mentioned that the divestment from Petrolimex Laos is in line with its restructuring plan aimed at streamlining operations, reducing costs and enhancing business effectiveness to optimise shareholder value.

Previously, Petrolimex divested entirely from PGBank and reduced its ownership in Petrolimex Insurance Corporation (PJICO) from 51 per cent to 40.95 per cent.

On the stock market, Petrolimex's shares closed December 9 at VNĐ35,000 per share, down 2.91 per cent. 

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