Japanese giant ENEOS Corporation registers to buy 13 million shares of Petrolimex

12:00 | 24/08/2020
Japanese giant ENEOS Corporation registered to buy 13 million shares of Petrolimex.
japanese giant eneos corporation registers to buy 13 million shares of petrolimex
ENEOS Corporation registered to buy 13 million shares of Petrolimex, increasing the ENEOS's already major shareholding

ENEOS – a Japanese leading energy group (formerly JXTG Nippon Oil & Energy) – has recently registered to buy 13 million treasury shares of Petrolimex.

The move aims to lift its ownership at Petrolimex, strengthen its foothold in the burgeoning Vietnamese market, and capitalise on the country’s potential.

Before the transaction, ENEOS Corporation did not own any Petrolimex shares but it is linked with JX Nippon Oil & Energy Vietnam, a major shareholder that owns more than 103.5 million, accounting for approximately 8.73 per cent of Petrolimex.

In addition, Toshiya Nakahara, a member of Petrolimex’s Board of Management, is also part of the key personnel at ENEOS Corporation.

Previously, JXTG has formally changed its name to ENEOS as part of a corporate restructuring to address the oil industry's imminent shift to a low-carbon society. Its core unit, refinery and gas station operator JXTG Nippon Oil & Energy, was renamed to ENEOS Corporation.

Petrolimex (HSX: PLX) previously notified the Ho Chi Minh City Stock Exchange that it will sell 13 million treasury shares or 1.1 per cent of the outstanding shares between August 27 and September 25.

In general, experts still believe Petrolimex 12-month target stock price would benefit thanks to growth in retail energy demand, expansion of more profitable directly-owned gas stations, and greater use of convenience stores to boost revenue from the gas station network.

By Nhat Minh

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