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PGCC to offload its stake in PIT

The Saigon Times

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HCMC – Petrolimex Group Construction and Trading Corporation (PGCC), the holding company of Petrolimex International Trading JSC (HOSE: PIT), has announced its intention to divest its entire stake with over eight million PIT shares.

This divestment represents a 52.67% stake in PIT. Transactions are expected to take place from November 8 to December 7 under the order-matching methods.

PGCC is divesting its PIT shares in compliance with a directive from the Vietnam Oil and Gas Group, known as PetroVietnam.

PGCC previously attempted to sell its entire PIT holding from October 2 to 31. However, this plan did not materialize due to unfavorable market conditions and the PIT share price fall.

In the third quarter of 2023, PIT reported a 42% increase in gross revenue, reaching VND205 billion but its after-tax profit declined by a sharp 82% to nearly VND291 million during the same period.

PIT attributed the profit decline to their focus on premium food and spice business during the third quarter. Additionally, the harvest season contributed to a significant rise in revenue, but provisions for debt and inventory took a toll on after-tax profit.

From January to September, PIT’s gross revenue amounted to VND510.4 billion, dropping by over 19%. Its post-tax profit plummeted by 89% year-on-year to VND452.4 million.

As of the end of the third quarter, PIT’s total assets totaled VND296.1 billion, up 8.7% versus the start of the year.

Ending the trading session today, November 7, PIT edged up 3.9% to VND8,000 per share.

The VN-Index of the Hochiminh Stock Exchange ended the session with a decrease of 0.86%, losing 9.37 points to reach 1,080.29 points, with 138 winners and 378 losers.

Total trading volume exceeded 634.5 million units, with a value of VND12.6 trillion, down 8% in volume and 10% in value compared to the prior session. Block deals contributed over VND2 trillion to the overall value, with 98.6 million shares changing hands.

In the VN30 basket, SSB, VRE, and MSN were the biggest losers, with respective declines of 3.6%, 3.5%, and 3.1%. With 26 decliners, the VN30-Index dipped 10.81 points, or 0.98%, to 1,092.71 points.

Among the few gainers in the session were HPG and MWG, with modest increases of 0.4% and 0.2%, respectively. BID and CTG traded at reference prices.

Securities stock VIX took the lead by liquidity, with more than 29.5 million shares traded.

On the Hanoi Stock Exchange, 65 stocks advanced and 103 others declined, sending the HNX-Index down by 1.3 points, or 0.59%, to 219.29 points. The total trading volume reached 88.8 million shares, with a value of VND1.6 trillion.

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