Petrolimex sets dividend payout to State capital committee

Illustrative photo (Source: Internet)

Tri thuc tre (Young Knowledge) online newspaper reported that the committee will receive cash dividends of more than VND2.550 trillion (US$109.65 million) from Petrolimex for its performance in 2018. The figure implies a dividend rate of 26 per cent, meaning each shareholder will receive VND2,600 per share.

Petrolimex said in a statement that the deadline for making a registration to receive dividend is May 31. The payout is slated for July 23.

Nguyen Hoang Anh, chairman of the committee said that Petrolimex remains one of the largest contributors to the State budget. Last year, the group paid taxes of VND38.2 trillion (US$1.64 billion) to the State budget.

Last November, the Ministry of Industry and Trade transferred the State ownership in Petrolimex to the committee.

The committee now owns a 83.85 per cent stake in Petrolimex. It plans to divest the State capital in the group to 51 per cent between 2019 and 2020.

Petrolimex has reportedly made a proposal to the committee on selling 123 million treasury shares.

JX Nippon Oil & Energy Vietnam, a major shareholder of Petrolimex, said that the firm is willing to increase its ownership in the Vietnamese group from 8.84 per cent to 20 per cent.

Petrolimex racked up some VND1.3 trillion (US$55.9 million) in after-tax profit in the first quarter of 2019, up 29 percent on year and equivalent to 30 percent of the yearly plan.