A transaction took place with a quantity of 1 million shares, equivalent to 5.88% of the charter capital of PTT, carried out by the Civil Execution Office of Hoan Kiem District on January 12, 2024.
Notably, the ownership of this unit has never appeared in the shareholder structure of PTT before. Specifically, considering the ownership structure as of December 31, 2023, as presented in the audited financial statements for 2023, out of a total of 10 million shares, PTT had 4 major shareholders including Petroleum Transport Corporation (HOSE: PVT) holding 52.47%, Mr. Nguyen Hong Hiep holding 20.25%, Global Petroleum Joint Stock Company Limited (GPBank) and Asia-Pacific Shipping Company jointly owning 10%, and the remaining 7.28% belonging to other shareholders.
Recently, in the ownership structure published after the public offering of shares ended on February 20, 2024, with the number of shares raised to nearly 16.5 million shares, PTT had 3 major shareholders including PVT holding 54.08%, ASP Shipping holding 20.63%, and Mr. Nguyen Hong Hiep holding 20.88%, while the remaining 4.41% belonged to other shareholders. In the case of GPBank, it no longer appeared in this list, as it had sold the entire 1 million shares on January 12, 2024, with ASP Shipping being the likely buyer.
* PTT successfully sold nearly 6.5 million shares to 10 investors.
* Changes in shareholders at PV Trans’ subsidiary company.
In fact, the 1 million shares mentioned in the transaction by the Civil Execution Office of Hoan Kiem District is the same as the 1 million shares that GPBank had sold, related to the dispute over the investment trust contract since 2009, between GPBank and Global Petroleum Real Estate Joint Stock Company (GPLand).
The issues were publicly heard at the headquarters of the People’s Court of Hoan Kiem District, between the parties involved, with GPBank as the plaintiff, GPLand as the defendant, and Petroleum Securities Joint Stock Company (HNX: PSI) as the related rights and obligations holder. The details are presented in the judgment dated October 28, 2021, on the dispute over the investment trust contract.
According to the contract, GPLand entrusted GPBank to invest in the purchase of shares of 3 companies, with a total entrusted value of nearly 168.5 billion VND (excluding fees), including the purchase of 1 million shares of Dau Khi Dong Duong Petroleum Transport Joint Stock Company (at that time, not listed on the stock exchange with the code PTT), at a purchase price of 32,400 VND per share, equivalent to a value of 32.4 billion VND.
However, in the process of implementing the contract, GPLand only paid 7.5 billion VND for the first installment (there were a total of 2 installments for payment). The remaining over 160.6 billion VND was unpaid and was fined for contract violation with an amount of over 13.5 billion VND, totaling over 174 billion VND.
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Information on the investment trust between GPLand and GPBank
Source: Judgment on the dispute over the investment trust contract dated October 28, 2021
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According to the minutes of the meeting on August 15, 2014, to resolve the dispute between GPBank and GPLand, they agreed: “To harmonize the interests of GPBank and GPLand, both parties agreed that GPBank would receive the entire number of entrusted shares in the Investment Trust Contract No. 36/2009/HDUTDT-GPB-GPLAND dated May 8, 2009; the two parties would cooperate to handle these shares when appropriate.”
According to the verdict of the trial panel, GPLand must pay GPBank an amount of over 174 billion VND; bear the interest amount of the amount to be enforced; return to GPBank the provisional amount of 141 million VND as per the receipt dated May 15, 2018, from the Civil Execution Office of Hoan Kiem District…
