On November 28, Vietnam Oil and Gas Group (Petrovietnam) announced its plan to competitively auction 20.5 million shares (41% of equity) in PetroVietnam Machinery Repair and Maintenance Corporation (PVMR), where it holds a majority stake.
The information disclosure period begins on December 4, with the auction scheduled for December 25. Domestic individuals and organizations are eligible to participate. At a starting price of VND 14,100 per share, Petrovietnam could generate approximately VND 289 billion in proceeds.
As of June 30, 2025, Petrovietnam remains PVMR’s largest shareholder. Other major shareholders include Mr. Vu Dinh Chien (Board Member) with 39.15%, VPBank Securities (VPBS) with 9%, and MB Securities (MBS) with 5%.
Source: VietstockFinance
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This isn’t Petrovietnam’s first attempt to auction PVMR shares. A previous auction planned for November 26 failed due to insufficient participation. By the November 18 registration deadline, only one investor had registered on HOSE, rendering the auction unviable.
To boost interest, Petrovietnam hosted an investment seminar on November 11 in Ho Chi Minh City. The event featured leaders from Petrovietnam, PVMR, domestic and international investors, valuation advisors, and securities firms.
During the seminar, Mr. Duong Manh Son, Petrovietnam’s Deputy General Director, emphasized that the divestment aligns with the restructuring plan approved by the Prime Minister, focusing resources on core sectors such as oil and gas exploration, production, processing, energy, and high-quality technical services.
Petrovietnam’s investment seminar for PVMR on November 11 in Ho Chi Minh City – Photo: PVMR
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Established in 2008 as Vietnam Energy Inspection JSC, PVMR transitioned to a parent-subsidiary model in 2010. The parent company, PetroVietnam Machinery Repair and Maintenance Corporation, operates from 100-102-104 Vu Tong Phan Street, Binh Trung Ward, Ho Chi Minh City, with 472 employees as of June 30, 2025.
Over 17 years, PVMR has established itself as a leader in maintenance, advanced technical services for oil, gas, and industrial projects nationwide, including Dung Quat Refinery, Nghi Son Refinery, Vietsovpetro offshore projects, power plants, fertilizer plants, biofuel facilities, and fuel storage terminals.
At the November 11 seminar, Mr. Le Van Sy, PVMR’s CEO, outlined the company’s focus on high-tech, green maintenance services to meet international standards. PVMR targets 8-10% annual revenue growth, 10% profit growth, 10-15% labor productivity increases, and cost optimization.
In the first half of 2025, PVMR reported VND 486 billion in net revenue (up 29% YoY) and VND 13 billion in net profit (4x YoY).
09:41 | 12/01/2025
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