HCMC – Japanese energy firm Eneos Corporation has registered to buy 13 million treasury shares, equivalent to a 1% stake, in Petrolimex, Vietnam’s largest petroleum group, at more than VND650 billion.
Toshiya Nakahara, a senior leader at Eneos Corporation, is also a member of Petrolimex’s Board of Management. Eneos Corporation is a subsidiary of JX Nippon Oil & Energy Vietnam, a major shareholder that holds an 8% stake in Petrolimex.
If the transaction, which will be made between August 27 and September 25, is successful, the Japanese company will raise its stake in Petrolimex to 9%.
Petrolimex’s operations have been severely affected by the Covid-19 pandemic since early this year. The corporation’s revenue in the second quarter of 2020 was more than VND26.7 trillion, equivalent to just 53.6% of its revenue during the same period last year.
However, thanks to the rise in fuel prices, Petrolimex posted a profit of VND733 billion in the second quarter, while suffering a loss of more than VND1.8 trillion in the first quarter. This led to a loss of over VND1 trillion in the first half of the year.