HCMC – PetroVietnam Finance Corporation (PVFC) has finished transferring its 93.4% stake worth VND401.6 billion, equivalent to 40.16 million shares, in Phu Dat Company to PetroVietnam – Idico Long Son Industrial Park Investment JS Co.

The transfer is under the plan of restructuring portfolio of PVFC as well as to carry out Vietnam National Oil and Gas Group (PetroVientam) policy of rearranging enterprises in the group, a representative from PVFC said.

The source also said that PVFC was in the process of transferring a 22% stake, or 11 million shares, in Sao Mai – Ben Dinh Petroleum Joint Stock Company to PetroVietnam Construction Joint Stock Company (PVC), another member of PetroVietnam. Early this month, PVFC sold over 2.28 million shares in Vietnam Gold Co. (VNG) to decrease its holdings to only 10,000 shares.

A statement on the website of PVFC shows in the first half of this year the company obtained VND3.22 trillion in revenue, or 64% of the year’s plan, while its pre-tax profit after making provision for credit and investment risks was VND281.5 billion, or 45.5% of the year’s target. Its assets totaled VND62.82 trillion by late June.

The company targets VND4.8 trillion in revenue and VND496 billion in pre-tax profit at the end of this quarter, and at least VND5.06 trillion in revenue and VND620 billion in pre-tax profit excluding provisions for credit and investment risk by the end of this year.

State-owned corporations must narrow their investment outside their core business under the Government’s Decree 09/2009/ND-CP which has been effective since March 25 last year. Two years after the effective date, or in the next eight months, State-owned corporations must divest capital to decrease their investment outside the core business to meet the regulation.

The Saigon Times Daily