**Petrosetco Approves Plan to Buy Back Shares from Departing Employees**
Petrosetco, the Total JSC Petroleum Services Corporation (HOSE: PET), has approved a resolution to repurchase shares issued under the 2021 Employee Stock Ownership Plan (ESOP) from employees who have left the company during the restricted stock transfer period.
The planned repurchase involves 1.11 million shares at a price of VND 10,939 per share, facilitated through the Vietnam Securities Depository and Clearing Corporation.
All shares repurchased by the company union will be redistributed to other employees.
Petrosetco held its 2025 Annual General Meeting of Shareholders on April 25, approving the 2025 business plan. The company targets revenue of VND 20,500 billion, an 8% increase from 2024, and expects a post-tax profit of VND 244 billion, representing an 11% growth.
Notably, the Vietnam Oil and Gas Group (PVN) plans to divest its entire state capital from PET this year. According to PET’s management, the valuation firm is expected to complete and submit its preliminary report on Petrosetco to PVN in April 2025. If the process goes smoothly, the divestment is likely to be finalized within the year.
As of December 31, 2024, PVN remains the largest shareholder in PET, holding 23.2% of its charter capital.
In the first quarter of 2025, Petrosetco recorded a 6% year-on-year decrease in net revenue to VND 4,017 billion. However, thanks to a significant reduction in cost of goods sold, gross profit improved by 15.5% to VND 193 billion.
Despite facing higher expenses, Petrosetco reported a post-tax profit of nearly VND 45 billion, an increase from the VND 39 billion posted in the same period last year.
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