Petrolimex Adjusts PLX Treasury Share Sale Plan, Q2 Profit Up 114%

Overview

Petrolimex (PLX) has adjusted its plan to sell 23.29 million treasury shares, valued at approximately VND 875 billion at current market prices, through HOSE. The revised plan, approved by the Board of Directors on August 8, 2026, replaces an earlier resolution and introduces a new minimum price rule, while the company also reported strong Q2/2026 results with revenue up 78% and net profit up 114%.

Key Facts

• Petrolimex plans to sell 23,285,846 treasury shares via HOSE, with a maximum execution period of 30 days after receiving approval from the State Securities Commission (SSC).
• The new resolution (dated August 8, 2026) replaces the previous one (No. 155/PLX-NQ-HĐQT dated July 7, 2026).
• The minimum selling price is now based on the valuation in CPA Vietnam’s documents (No. 887/2026/CV-CPA VIETNAM-NV2 and No. 111/2026/81/CTTĐG-CPAVIETNAM-NV2 dated June 9, 2026), per Circular 120/2020/TT-BTC.
• The previous price rule (“bid price ≥ reference price - 50% of price band”) has been removed.
• The new plan adds daily order quantity limits as per Circular 120/2020/TT-BTC and HOSE regulations.
• PLX shares closed at VND 35,950 on August 7, 2026, and rose to VND 37,600 on August 10, 2026.
• Q2/2026 net revenue reached VND 136,200 billion (+78% YoY); after-tax profit was VND 3,045 billion (+114% YoY).
• H1/2026 revenue reached nearly VND 235,000 billion (+63% YoY), completing 75% of the annual plan.

What Happened

Petrolimex announced a board resolution adjusting its treasury share sale plan. The new resolution, dated August 8, 2026, maintains the total number of shares to be sold (23,285,846) and the purpose (to meet public company requirements and strengthen financial capacity). However, it changes the pricing mechanism: the minimum selling price is now determined by the valuation from CPA Vietnam, rather than the previous formula that referenced the reference price and price band.

The execution timeline is set at a maximum of 30 days from SSC approval, with transactions conducted via order matching on HOSE. The company also disclosed strong Q2/2026 financial results, with revenue and profit growing significantly year-on-year.

Market Context

PLX shares have shown recent strength, hitting the ceiling price of VND 35,950 on August 7 and rising nearly 5% to VND 37,600 on August 10. The treasury share sale, valued at around VND 875 billion, comes amid a positive earnings report. Petrolimex is listed on HOSE and is Vietnam’s largest fuel retailer, with the state holding approximately 75.8% of shares.

Strategic Significance

The adjustment to the treasury share sale plan reflects Petrolimex’s effort to streamline its capital structure while complying with regulatory requirements. The removal of the previous price floor could provide more flexibility in executing the sale, potentially reducing market disruption. The strong Q2 results, driven by higher fuel prices and volumes, bolster the company’s financial position, making the share sale less dilutive in relative terms. For long-term investors, the move signals management’s focus on optimizing capital allocation and maintaining public company status.

What to Watch

• SSC approval timeline for the treasury share sale and the actual execution date.
• Daily trading volumes and price movements of PLX during the sale period.
• Q3/2026 earnings release to see if the growth momentum continues.
• Any further adjustments to the sale plan or changes in fuel price regulations.
• Foreign ownership changes, as the state’s stake remains high at 75.8%.