HÀ NỘI — The Vietnam Oil and Gas Group (PetroVietnam) plans to fully divest from the PetroVietnam General Services Corporation (HoSE: PET) through a public auction.

According to a plan announced by the Ho Chi Minh City Stock Exchange (HoSE), the auction will be held at 9am on December 11. Participants in the auction include domestic individual and institutional investors who meet the conditions under current regulations.

The number of shares put up for auction is more than 24.9 million, accounting for about 23.2 per cent of PET's charter capital. With a starting price of VNĐ36,500 per share, PetroVietnam expects to collect at least VNĐ909 billion (US$34.56 million) from the divestment.

PET shares closed last week at VNĐ30,100 per share. The starting price is therefore about 21.2 per cent higher than the current market price. However, it remains lower than the peak of VNĐ41,300 per share reached last August, the highest level in more than three years.

PET operates across various sectors including technology product distribution, oil and gas service supply and logistics, building operation management and real estate. Alongside logistics, its traditional core business, the company is also an official distribution partner for major technology brands such as Apple, Nokia and Realme.

PetroVietnam's divestment takes place as PET reports strong business performance in the first nine months of 2025, with accumulated profits surpassing its full-year target.

PET recorded after-tax profit of about VNĐ145 billion in the third quarter of 2025, up 95 per cent year-on-year. This was the company’s highest quarterly profit since 2022.

In the first nine months of 2025, PET’s net revenue reached about VNĐ14.2 trillion, a slight decline compared to the same period. However, financial activities continued to contribute significantly, helping accumulated after-tax profit in the period reach nearly VNĐ248 billion, an increase of about 56 per cent.

In 2025, PET set a revenue target of VNĐ20.5 trillion and after-tax profit of VNĐ244 billion. With current results, the company has completed about 70 per cent of its revenue plan and exceeded its profit target for the year. — BIZHUB/VNS