Petrosetco (PET) Plans VND 1,000B Rights Issue, Heavy Gelex Stock Portfolio

Overview

Petrosetco (PET), a major Apple and Samsung distributor in Vietnam, plans to raise VND 1,000 billion via a rights issue of 107 million shares at VND 10,000 each in Q4/2026. The company’s stock portfolio is heavily concentrated in Gelex Group-related tickers (VIX, GEX, EIB, VPB), and it is expanding into infrastructure and real estate investments. The move underscores PET’s strategy to diversify beyond its core technology distribution business.

Key Facts

• Petrosetco plans to issue 107 million shares to existing shareholders at VND 10,000 per share, targeting VND 1,000 billion in proceeds, expected in Q4/2026.
• The company also plans a 5% stock dividend and a 40% share issuance from equity surplus and development funds.
• As of end-2025, PET’s trading securities portfolio had a cost value of VND 333 billion, with 71% in equities.
• VIX shares account for 57% of the equity portfolio cost, with an estimated purchase price of VND 25,000 per share.
• GEX shares represent 11% of the portfolio, with a cost basis of VND 49,000 per share; VPB and EIB account for 19% and 1%, respectively.
• In 2026, PET plans to invest VND 2,200 billion in three water treatment infrastructure companies, holding 51% in one and 41% in two others, with Gelex and Viconship as partners.
• PET is pursuing the Mui Ngoc real estate project in Thanh Da, Ho Chi Minh City, with 600 apartments and 21 villas, adjacent to the Sun Thanh Da urban area.

What Happened

According to a Vietcap report, Petrosetco (PET) is executing a multi-pronged capital plan to fund its expansion into infrastructure and real estate. The company will offer 107 million shares to existing shareholders at VND 10,000 each in Q4/2026, raising VND 1,000 billion. Additionally, it will issue shares for a 5% stock dividend and a 40% share issuance from retained earnings and development funds.

PET’s stock portfolio remains heavily tilted toward Gelex ecosystem stocks, with VIX alone comprising 57% of the equity cost base. The company also disclosed plans to invest VND 2,200 billion in three water treatment infrastructure joint ventures, where it holds majority or significant stakes alongside Gelex and Viconship. The Mui Ngoc real estate project in Thanh Da is another key initiative, expected to benefit from the adjacent Sun Thanh Da urban area development.

Market Context

PET shares closed at VND 48,300 on May 24, 2026, down 0.92% on the day, with volume of 1.1 million shares on HOSE. The stock has been volatile amid the company’s diversification push. The broader market saw declines in Gelex-related stocks: GEX fell 6.29%, VIX dropped 2.88%, and EIB slipped 0.93%. PET’s rights issue and investment plans come as the company seeks to leverage its relationship with Gelex Group, which is also a major shareholder in several of PET’s portfolio companies.

Strategic Significance

PET’s capital raise and investment pivot signal a strategic shift from a pure technology distributor to a diversified conglomerate with exposure to infrastructure and real estate. The heavy concentration in Gelex-linked stocks (VIX, GEX, EIB, VPB) ties PET’s financial performance to the Gelex ecosystem, which could amplify both upside and downside risks. The infrastructure investments, particularly in water treatment, align with Vietnam’s growing focus on environmental infrastructure, while the Mui Ngoc project taps into Ho Chi Minh City’s real estate market. The rights issue will dilute existing shareholders but provides necessary capital for these long-term projects.

What to Watch

• Successful completion of the rights issue in Q4/2026 and the use of proceeds.
• Progress on the three water treatment infrastructure projects and the Mui Ngoc real estate development.
• Performance of Gelex ecosystem stocks (VIX, GEX, EIB, VPB) and their impact on PET’s investment income.
• PET’s Q2 2026 earnings release to assess core distribution business trends.
• Any further capital market activities, including potential bond issuances or asset sales.