Petrovietnam to fully divest stakes in 2 affiliates via public auction

State-owned Petrovietnam has announced a plan to auction its entire holdings in two affiliates, Green Indochina Development JSC (GID) and Vietnam Petroleum Trading and Service JSC (PVTS), as part of efforts to divest from non-core businesses.

The oil & gas giant will sell all 8.7 million shares in GID, representing 36.9% of the firm’s charter capital, at a starting price of VND19,100 ($0.73) per share. The sale could raise at least VND166.2 billion ($6.3 million) if fully subscribed.

It will also auction its entire 10.5 million shares, equivalent to a 35% stake, in PVTS at a minimum price of VND9,300 ($0.35) each, potentially generating about VND97.7 billion ($3.7 million).

Investors can register and place deposits - set at 10% of the bid value - from October 24 until November 13, 2025. The auctions are scheduled for the morning of November 20 at the Hanoi Stock Exchange (HNX).

GID, established in 2006, was set up to promote Vietnam-Laos investment cooperation and currently holds exploration rights for copper and gold mining projects in Attapeu, Xieng Khouang, and Houaphanh provinces in Laos.

PVTS, formerly known as PVFI (PetroVietnam Finance Investment JSC), was founded in 2007 and rebranded in 2022 as part of a broader restructuring effort. The company has since shifted its focus to trading, financial services, applied training, and event organization.