PetroVietnam General Services : PETROSETCO DEPLOYS THE PLAN TO ISSUE NEARLY 54 MILLION SHARES TO INCREASE CHARTER CAPITAL

On September 23, 2022, the Board of Directors of PetroVietnam General Services Joint Stock Company (PETROSETCO) announced the plan to issue a total of nearly 54 million shares to increase charter capital, which will be offered for sale to shareholders and pay dividends in 2021. The plan to issue shares to pay dividends was approved by the General Meeting of Shareholders on June 28, 2022.

PETROSETCO plans to issue 8.9 million shares to pay dividends in 2021 at the rate of 10% of the funds issued from undistributed after-tax profits on audited financial statements for 2021.
PETROSETCO also plans to offer 44.9 million shares to current shareholders at a ratio of 2:1 (ie each shareholder who owns 2 shares has the right to buy 1 new share). The company's total charter capital is expected to increase to 1,444 billion VND.

The offering price to shareholders is 15,000 VND/share, equivalent to the expected mobilized amount of 674 billion VND. The expected implementation time is from the end of 2022 to 2023, after being approved by the Security Commission.

All the proceeds from the issuance will be used to supplement the working capital of the company.

According to the quick report of business results in the first 8 months of the year, PETROSETCO recorded a revenue growth of 10% to 11 trillion VND with the main driving force coming from the distribution of electronic goods. In which, laptop products brought in 2,872 billion VND, increasing by 14% and mobile phones increasing by 11% to 4,125 billion VND.
Assessing the year-end period's prospect, PETROSETCO's leaders said that business results are expected to continue to grow and be more vibrant in the peak period at the beginning of the fourth quarter of this year thanks to the demand for laptops and mobile phones expected to increase sharply at the end of the year and the occasion of iPhone 14 series launched from October.