PetroVietnam stake in Phước An Port (PAP) falls after capital raisings

PetroVietnam stake in Phước An Port (PAP) falls after capital raisings

PetroVietnam, formally known as Vietnam National Industry-Energy Group, still holds 35 million PAP shares, but its ownership has been diluted from 15.1 per cent to 9.8 per cent of the company's charter capital.

Petrovietnam still holds 35 million PAP shares. — Photo taichinhdoanhnghiep.net.vn

Petrovietnam now owns 9.8 per cent of Phước An Petroleum Investment and Exploitation Port JSC (PAP - UPCoM), down from a controlling stake, after six rounds of private share placements raised the company's charter capital to VNĐ3.57 trillion (US$135.6 million).

Phước An Port said its 2026 semi-annual financial statements, audited by Ernst & Young Vietnam Co Ltd, showed that its charter capital had risen from VNĐ2.32 trillion to VNĐ3.57 trillion as of June 30.

Petrovietnam, formally known as Vietnam National Industry-Energy Group, still holds 35 million PAP shares, but its ownership has been reduced from 15.1 per cent to 9.8 per cent of the company's charter capital.

As of June 30, Phước An Port had two major shareholders: Hoành Sơn One Member Co Ltd, with an 11.3 per cent stake, and Petrovietnam, with 9.8 per cent. The remaining 78.9 per cent was held by other smaller shareholders.

Phước An Port was established to invest in, build and operate a large-scale general port in Đồng Nai Province.

When the company was newly established, Petrovietnam held a 79.54 per cent stake, equivalent to 35 million shares, while the Industrial Park Development Corporation held 17.05 per cent and other shareholders held 3.41 per cent.

Since 2016, however, Phước An Port has repeatedly issued shares privately to raise its charter capital, significantly diluting the State's ownership in the company.

After six capital increases since 2016, Petrovietnam's shareholding has remained unchanged at 35 million shares, while its ownership ratio has fallen from 79.54 per cent to 9.8 per cent, a decline of 69.74 percentage points.

Phước An Port reported revenue of nearly VNĐ247.6 billion in the first half of 2026, up 754.1 per cent from the same period a year earlier. The company reported an after-tax loss of about VNĐ233 billion, compared with a loss of more than VNĐ247.7 billion in the same period last year.

As losses continued, Phước An Port's accumulated losses reached VNĐ769 billion as of June 30, equivalent to 21.54 per cent of its charter capital.

The company's combined short- and long-term borrowings also rose 54.5 per cent from the beginning of the year, increasing by around VNĐ3 trillion to VNĐ8.63 trillion as of June 30. The debt was equivalent to 252.4 per cent of total shareholders' equity. 

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