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Tuesday, July 23, 2024

PVChem to spend VND125 billion setting up subsidiary

The Saigon Times

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HCMC – PetroVietNam Chemical and Services Joint Stock Corporation, or PVChem, has passed a plan to establish PVChem-CS with total chartered capital of VND125 billion.

PVChem, which trades its PVC shares on the Hanoi Stock Exchange, will hold a 100% stake in PVChem-CS.

Its subsidiary will specialize in trading industrial chemicals and housing materials. The company will be located in HCMC.

As of September 30, PVChem had four subsidiaries and one affiliate, the local media reported.

Between January and September, PVChem posted some VND2 trillion in revenue, up 17% year-on-year, while its after-tax profit dropped by 23% at VND10.6 billion.

This year, the firm aims to obtain VND2.4 trillion in revenue and VND27 billion in after-tax profit.

Closing the trading session today, November 21, PVChem gained over 4.2% and reported a matching volume of 1.1 million shares.

On the HCMC bourse, the VN-Index slid 8.68 points, or 0.9%, from the session earlier, at 960.65, with 259 winners and 177 losers. Trade volume totaled 597.7 million shares worth VND8.8 trillion, down 38% and 36% against the previous session, respectively.

In the VN30 basket, 20 stocks fell into negative territory, hitting the main index.

Many small and medium stocks, such as DIG, HAG, HSG, HQC and LDG, shot up to their daily upper limits at the close.

Steelmaker HPG lost at the end, but took the lead by liquidity with 31.6 million shares changing hands.

The good performance of many bluechips pushed the HNX-Index of the Hanoi exchange up 1.53 points, or 0.8%, from the session earlier, at 192.4, with 122 advancers and 62 decliners.

Securities firm SHS finished the session up and became the most actively traded stock on the exchange with more than nine million shares transacted.

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