PMS maintaining the Dung Quat Oil Refinery Plant. (Photo: CPV)
Capital withdrawal from PV Building
On April 18th, 2018, BSR’s Board of Members issued Resolution 1235/NQ-BSR approving the result of defining the value of contributed capital and plan of divestment of BSR in PetroVietnam Building and Commercial Joint Stock Company (PV Building). Total asset value of the company is over VND271.39 billion.
The divestment plan is part of the restructuring route of BSR for the 2016-2020 period, approved in Resolution 2616/NQ-DKVN dated December 31st, 2016 of PetroVietnam’s Board of Members. Accordingly, BSR will divest capital from PV Building to 51% of its charter capital and be listed on the stock exchange in 2018.
Accordingly, there are more than 5.65 million shares to be sold in the second quarter of 2018, equivalent to 32.26% of shares of PV Building, with the starting price of VND12,672 a share. Sales of shares will be auctioned publicly at the Hanoi Stock Exchange.
In recent years, PV Building saw a moderate growth rate. In 2017, net revenue reached VND607.1 billion and profit after tax posted VND13.6 billion, equivalent to 110.24% of profit after tax in 2016.
Withdrawal of all capital from PMS
On May 8th, 2018, BSR’s Board of Members issued Resolution 1474/NQ-BSR approving the result of defining the value of contributed capital and plan of divestment of BSR in Petroleum Maintenance Services Joint Stock Company (PMS). As of December 31st, 2017, the total asset value of the company is over VND192.59 billion.
PMS was established in accordance with Decision 1258/QD-DKVN dated April 29th, 2009 of PetroVietnam. It was granted the first registration license on June 29th, 2009 and the 16th registration license on August 10th, 2017 with a chartered capital of VND100 billion and a real contributed capital of VND80 billion.
The divestment plan is part of the restructuring route of BSR for the 2016-2020 period, approved in Resolution 240/NQ-DKVN dated January 9th, 2018 of PetroVietnam’s Board of Members. Accordingly, BSR will divest all capital from PMS in 2018.
Accordingly, BSR will publicly auction 700,000 shares in the third quarter of 2018 with the starting price of VND13,762 a share.
Its net revenue increased sharply in 2016-2017. In 2017, the revenue reached VND226.7 billion, a 29.54% rise over a year earlier. However, profit from business activities decreased due to sharp increase in provision rate. In 2016, the profit posted VND3.83 billion and the figure dropped 73.11% to VND1.03 billion. Profit after tax in 2017 saw a growth rate of 25.71% from the previous year, at VND2.08 billion./.