Ownership-structure paradox forces Petrolimex to restructure capital flows within one year or face delisting

An ownership-structure issue is placing Petrolimex (Vietnam National Petroleum Group, ticker PLX) in a difficult position, requiring the company to restructure its capital flows within one year to avoid being pushed out of the public market.

According to the latest information released by Petrolimex, the company currently does not meet the conditions to maintain its status as a public company under Vietnam’s Securities Law.

Public-company status: ownership threshold not met

Based on the shareholder list eligible to attend the 2026 annual general meeting (final registration date: March 25), Petrolimex has a total of 43,266 shareholders.

Of these, 43,264 investors are not major shareholders and hold voting rights. However, this group’s combined ownership accounts for just over 9.4% of the voting shares.

Under the Securities Law, a public company must ensure at least 10% of voting shares are held by at least 100 investors who are not major shareholders. With ownership at about 9.4%, Petrolimex does not satisfy the mandatory condition and therefore falls into the category of failing to maintain public-company status.

One-year remediation window and potential delisting

Petrolimex has a one-year window to remedy the situation. If, after this period, the company cannot raise the ownership stake of the small-investor group to at least 10%, it must file a petition with the State Securities Commission for consideration of delisting.

The company said it will continue reporting to regulatory authorities on obstacles related to the public-company condition for its privatized business, while proactively developing plans to meet the requirements.

Ownership concentration limits minority participation

Petrolimex’s state-owned shareholders, represented by the State Capital Management Committee, hold 75.87% of the company’s charter capital, equivalent to nearly 964 million shares. Meanwhile, foreign strategic shareholder ENEOS Corporation owns 13.08%, corresponding to more than 166 million shares.

With the two major shareholders holding nearly 90% of charter capital, the remaining “room” for minority shareholders is significantly constrained, which is cited as a direct reason the company struggles to meet the public-ownership criteria.

Business outlook for 2026

Alongside regulatory pressure, Petrolimex’s 2026 business plan reflects a cautious outlook.

Petrolimex is expected to hold its annual general meeting on April 24, 2026, to present its consolidated revenue plan for 2026 of 315,000 billion dong, up about 2% from the previous year and the highest on record. Consolidated pretax profit is expected to reach 3,380 billion dong, down about 7% compared with 2025.

According to the Board, the conservative profit target reflects unpredictable risks from global crude-price movements, intensifying competition, and cost pressures during the transition of the business model.

Dividend plan and market context

Petrolimex also plans to propose a 2026 dividend payout of 10%, lower than the 12% paid in 2025.

In the market, PLX shares are trading around 40,150–40,700 dong per share, down more than 20% over the past month.

Petrolimex is Vietnam’s leading gasoline supplier and retailer, operating a network of about 5,500 petrol stations nationwide.