Petrolimex

Right from the beginning of 2023, many banks have announced their plans for merge and acquisition (M&A) deals and capital increase. Illustrative image (Source: VNA) Last week, the Board of Directors of the Vietnam National Petroleum Group (Petrolimex) approved a plan to divest capital from PG Bank, which means the bank will have a chance to seek a new strategic shareholder to increase its capital after 12 years. Earlier in January, the Sumitomo Mitsui Banking Corporation (SMBC) was likely to complete capital divestment from Eximbank. Meanwhile, VPBank is working to sell 15% of its stake to a foreign partner. Once the deal finishes, it will be one of the banks with largest equity in the system. In a directive issued earlier this year, the State Bank of Vietnam (SBV) no longer banned banks from paying cash dividends. Accordingly, this year, many banks are preparing to pay cash dividends such as VPBank, TPBank, VIB and ACB. In its Directive 01/CT-NHNN, the … [Read more...] about Bustling M&A deals in banking industry at year beginning

The company said in a statement that consultancies could make their offers until February 8. Skypec, wholly owned by Vietnam Airlines, and Petrolimex Aviation are the two biggest jet fuel distributors in Vietnam. It has total storage capacity of over 220,000 cubic meters, including at major seaports and 18 airports, and can fuel 214,000 aircraft annually. Before the Covid-19 pandemic broke out Skypec was one of the biggest money spinners for Vietnam Airlines. The airline has been warned by the Ho Chi Minh Stock Exchange that it would be delisted for posting losses. As of last year it had an accumulated loss of VND34.2 trillion (US$1.46 billion). Last year the company had to sell a 35% stake in Cambodia Angkor Air for $35 million to increase its equity to avoid delisting. … [Read more...] about Embattled Vietnam Airlines to sell stake in fuel distributor Skypec

The index closed 12.14 points higher after losing 0.44 points on Friday. Trading on the Ho Chi Minh Stock Exchange (HoSE) fell by 10.97% to VND9.61 trillion ($409.28 million). The VN-30 basket, comprising the 30 largest capped stocks, saw 22 tickers gain. PLX of fuel distributor Petrolimex led with a 4% rise. It was followed by BID of state-owned lender BIDV with a 3.8% increase. POW of electricity producer Petrovietnam Power Corporation went up 3.3%, and VCB of state-owned lender Vietcombank gained 3.2%. Six blue chips fell. VIB of Vietnam International Commercial Bank lost 2.7%, and MWG of electronics retail chain Mobile World was down 1.4%. Foreign investors were net buyers to the tune of VND392.20 billion, mainly buying STB of Ho Chi Minh City-based lender Sacombank and SSI of leading brokerage SSI Securities Corporation. The HNX-Index at the Hanoi Stock Exchange, where mid and small caps list, was down 0.38% while the UPCoM-Index at the Unlisted Public … [Read more...] about Last-minute trading boosts VN-Index up