VietinBank Capital Buys $18.8M Stake in Petrosetco, Becomes Major Shareholder

VietinBank Capital, the fund management arm of VietinBank, has become a major shareholder in PetroVietnam General Services Corporation (Petrosetco) after significantly increasing its stake through a large block transaction valued at VNĐ495.55 billion (US$18.8 million).

According to official disclosure information, VietinBank Capital purchased 9.35 million shares of the petroleum services distributor on June 4. This acquisition raised its ownership from 4.69 per cent to 13.45 per cent of the company's charter capital, officially placing it on the list of major shareholders.

Data from the Hochiminh Stock Exchange (HoSE) showed a negotiated transaction involving exactly 9.35 million PET shares on the same day. The deal's total value implies an average transaction price of approximately VNĐ53,000 per share. As of March 31, Petrosetco had only one other major shareholder, HD Fund Management JSC, which held 16.7 per cent of the company's capital.

The investment coincides with Petrosetco's recently approved plans to implement both a stock dividend and a bonus share issuance to increase its charter capital. According to the approved plan, the company will issue more than 5.3 million shares to pay the 2025 dividend at a ratio of 20:1, meaning shareholders owning 20 shares will receive one additional share. Additionally, it plans to issue nearly 42.7 million bonus shares to existing shareholders at a ratio of 5:2.

Petrosetco reported strong growth in the first quarter. Net revenue reached VNĐ6.1 trillion, an increase of 52.6 per cent from the same period last year, while profit after tax rose 125.5 per cent to VNĐ100.8 billion. The company has set a profit after tax target of VNĐ318.4 billion for 2026, and after the first quarter, it had already completed 31.7 per cent of this full-year goal.