Japan's ENEOS increases stake in Petrolimex

By Hai Yen May 19, 2021 | 10:05 pm PT

A worker pumps fuel into a motorbike at a Petrolimex fuel station in Ho Chi Minh City. Photo by VnExpress/Thanh Nguyen.

Japanese energy giant ENEOS Corporation has registered to buy another 25 million shares of fuel distributor Petrolimex to increase its ownership to 4.87 percent.

The deal will be completed between May 24 and June 22 via order matching, and take ENEOS’s holding to 63 million shares.

It is estimated to cost VND1.35 trillion ($58.46 million) based on the Petrolimex share price at the time of publishing.

Two months ago, ENEOS Corporation bought all 25 million treasury shares held then by Petrolimex at a price of VND57,057 ($2.47).

The Japanese company and its Vietnamese subsidiary together own a 10.94 percent stake in the oil company, second behind the state’s 75.87 percent.

Petrolimex reported post-tax profits of VND740 billion in the first quarter of 2021 as against a loss of over VND1.8 trillion in the same period last year.