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PetroVietnam Finance restructures

PetroVietnam Finance (PVF) has transferred over 40 million shares of Phu Dat Co, representing a 93.4 per cent stake, to PetroVietnam-Idico Long Son Industrial Park Investment Co. The shares have an estimated value of VND401.6 billion (US$20.6 million).

The transfer was part of PetroVietnam Finances plan to restructure its portfolio, as well as parent group PetroVietnams policy to reorganise enterprises managed under the group, a PetroVietnam Finance representative said.

The company was also in the process of transferring a 22 per cent stake in Sao Mai-Ben Dinh Petroleum Joint Stock Co to PetroVietnam Construction (PVC). Earlier this month, PVFC sold nearly 2.3 million shares in Viet Nam Gold Co, to decrease its holdings to only 10,000 shares.

PetroVietnam Finance made VND3.22 trillion ($165.1 million) in the first half this year, while its net profit after making provision for credit and investment risks was VND281.5 billion ($14.4 million), just 45.5 per cent of the target for the entire year. Its assets totalled VND62.8 trillion as of the end of June.

Vietnam Business And Financial News Network. Source [english.vietnamnet.vn]

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