Petrolimex Petroleum Services to merge with parent Vietnam National Petroleum Group

Petrolimex Petroleum Services Corporation (PTC) announced an insider trading transaction where its parent company, Vietnam National Petroleum Group, will acquire 3,280,587 shares of PTC. This transaction represents 51% of PTC's charter capital and is valued at VND 32,805,870,000. Following the transaction, Petrolimex's ownership in PTC will increase to 100%, leading to PTC ceasing to exist as a separate entity. The transaction is scheduled to occur between October 24, 2025, and November 21, 2025.

The merger is part of Petrolimex's broader restructuring plan for the 2021-2025 period, with a vision extending to 2035, approved by the Committee for State Capital Management at Enterprises. The merger will not alter Petrolimex's charter capital of VND 12,938,780,810,000 or its corporate structure. All assets, debts, rights, and obligations of PTC will be transferred to Petrolimex, and all PTC employees will be retained or re-assigned within the Group.

This strategic move aims to consolidate operations and streamline the corporate structure under the parent company. The merger will be finalized upon the completion of regulatory requirements, including approvals from shareholders. The board of members of Petrolimex Petroleum Services Corporation approved the merger resolution on August 29, 2025, with the merger agreement being signed on October 1, 2025.