Petrolimex has announced that it no longer meets the requirements to maintain its status as a public company, highlighting structural constraints in its shareholder composition despite having more than 43,000 investors.

 

According to information disclosed ahead of its 2026 annual general meeting, the company currently has 43,266 shareholders, based on the shareholder list finalised on March 25 by the Vietnam Securities Depository and Clearing Corporation. 

 

Of these, 43,264 are non-majority investors holding voting shares. However, their combined ownership accounts for only slightly more than 9.4 per cent of total voting shares, falling short of the minimum threshold required under the Securities Law. 

 

Việt Nam's regulations stipulate that a public company must have at least 10 per cent of its voting shares held by a minimum of 100 shareholders who are not major stakeholders. 

 

With its current structure, Petrolimex does not satisfy this condition and is therefore deemed non-compliant with public company criteria. 

 

The ownership structure remains highly concentrated. 

 

The State, represented by Commission for the Management of State Capital at Enterprises (CMSC), holds 75.87 per cent of the company's charter capital, while strategic foreign investor ENEOS Corporation owns 13.08 per cent. 

 

Together, these two major shareholders control nearly 90 per cent of the company, leaving a limited free float for minority investors. 

 

This concentration has been identified as the primary reason behind the company's inability to meet the public float requirement. 

 

Market observers have described the situation as a structural imbalance, where a large number of shareholders exist in quantity but hold insufficient proportional ownership.

 

Under current regulations, Petrolimex will have a one-year period to address the issue. If the company fails to raise the proportion of shares held by non-major shareholders to at least 10 per cent within that timeframe, it will be required to submit a dossier to the State Securities Commission (SSC) to revoke its public company status. 

 

The company said it will continue working with regulatory authorities to resolve obstacles related to public company conditions, particularly those arising from its status as a formerly State-owned enterprise, while preparing appropriate restructuring plans to comply with legal requirements. 

 

Currently, Petrolimex is the largest fuel retailer in Việt Nam, accounting for an estimated 50 per cent market share by sales volume and operating a nationwide network of approximately 5,500 petrol stations.

 

The company is preparing for its annual general meeting on April 24, where it will seek shareholder approval for its 2026 business plan. 

 

It is targeting a record revenue of VNĐ315 trillion (US$12 billion), up 2 per cent year-on-year, while profit before tax is projected to decline by 7 per cent to VNĐ3.38 trillion. 

 

Petrolimex will also present to shareholders its 2025 profit distribution plan, proposing a 12 per cent cash dividend payout, or VNĐ1,200 per share, for a total provision of over VNĐ1.5 trillion. The proposed cash dividend payout ratio for 2026 is expected to be 10 per cent.

 

On the stock market, the company's shares are traded on the Hochiminh Stock Exchange (HoSE). By the end of April 15 morning trade, its shares gained 0.5 per cent to VNĐ40,350 per share. — BIZHUB/VNS

 

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