PET Stock Jumps 24% as VietinBank Capital Cuts Stake to 14.31%

Overview

Petrosetco (PET), the HOSE-listed distributor of Apple products in Vietnam, saw its shares surge nearly 24% over four consecutive sessions, closing at VND 48,000 on 25/9. The rally coincided with major shareholder VietinBank Capital selling 7.25 million shares, cutting its ownership from 19% to 14.31%. The company also completed a stock dividend issuance and approved a rights offering of more than 106.7 million shares at VND 10,000 each.

Key Facts

• PET shares rose from around VND 38,000 to VND 48,000 over four sessions, a gain of nearly 24%, with two ceiling-limit sessions.
• VietinBank Capital sold 7.25 million PET shares, reducing its stake from 19% to 14.31%.
• On 24/9, exactly 7.25 million PET shares were traded via put-through at VND 47,000 each, worth VND 340.75 billion.
• Petrosetco completed the issuance of nearly 48.02 million shares as stock dividends and to increase charter capital from equity.
• The company approved a rights offering of over 106.7 million shares to existing shareholders at VND 10,000 per share, expected to raise about VND 1,067 billion.
• In H1 2025, Petrosetco reported revenue of VND 13,080 billion, up nearly 50%, and after-tax profit of VND 196.5 billion, up nearly 92%, fulfilling about 61.7% of the annual profit plan.
• In 2025, the distribution segment generated VND 17,887 billion, or about 82% of total revenue, with telecommunications and electronics contributing VND 16,545 billion.

What Happened

On the morning of 25/9, PET shares unexpectedly hit the ceiling price of VND 48,150 before closing up 6.67% at VND 48,000 with more than 1.75 million shares changing hands. The four-session rally began from around VND 38,000, marking the highest level in three months. The surge occurred as a major shareholder disclosed a change in ownership ratio.

VietinBank Capital sold 7.25 million PET shares, lowering its holding from 19% to 14.31%. The sale matched a put-through transaction on 24/9 of exactly 7.25 million shares at VND 47,000 each, valued at VND 340.75 billion. Previously, the fund manager had repeatedly bought millions of PET shares, raising its stake to 19% of charter capital by the end of July. Separately, Petrosetco completed the issuance of nearly 48.02 million shares for dividends and capital increase from equity, and approved a plan to offer more than 106.7 million shares to existing shareholders at VND 10,000 per share, aiming to raise about VND 1,067 billion for investment and business expansion.

Market Context

PET is listed on the HOSE exchange. The stock closed at VND 48,000 on 26/9, near its three-month high. The rally took place amid a broader Vietnamese market where retail and technology distribution stocks have drawn interest. Petrosetco has been an official Apple distributor in Vietnam since 2020. In December 2025, Petrovietnam divested all its capital from Petrosetco, though the company retains its petroleum-linked name and continues to serve the energy sector. The distribution segment, especially telecommunications and electronics, dominates revenue, contributing VND 16,545 billion in 2025.

Strategic Significance

The stake reduction by VietinBank Capital removes a large overhang but also signals a shift in shareholder structure. The proceeds from the planned rights offering at VND 10,000 per share, well below the current market price, could fund expansion in the high-margin Apple distribution business. With H1 2025 profit growth of 92% and revenue up 50%, Petrosetco is capitalizing on Vietnam’s growing consumer electronics demand. The dividend issuance and rights offering will increase share count, potentially diluting near-term EPS, but the capital raised may support long-term market share gains against competitors like FPT Retail and Mobile World.

What to Watch

• Completion timeline and subscription rate of the 106.7 million share rights offering at VND 10,000 per share.
• Further changes in VietinBank Capital’s ownership percentage or other major shareholder activity.
• Q3 2025 earnings release, expected in October, to confirm whether the 92% profit growth trend continues.
• Apple product launch cycles and their impact on Petrosetco’s distribution revenue.
• Any additional capital-raising plans or strategic partnerships in the retail and technology distribution segment.