28% of company’s capital changes hands in a few days, share prices soar to 3-year peak, what’s happening at Petrosetco?

On July 28, Petrosetco (PET) witnessed nearly 20.3 million shares traded, equating to 19% of the company’s circulating shares. The transaction price was 28,000 VND/share, totaling approximately 570 billion VND. Almost 28% of Petrosetco’s shares changed hands in a short time, primarily due to VietinBank Capital selling 7.8 million shares. Additionally, Vietnam Oil and Gas Group plans to divest all state capital in Petrosetco this year. Currently, PVN holds 23.2% of shares, and post-divestment, a new controlling shareholder may emerge. PET shares have surged over 25% in two weeks, reaching 30,750 VND/share, resulting in a market capitalization of around 3.3 trillion VND. For 2025, Petrosetco targets revenue of 20.5 trillion VND and plans to distribute dividends up to 10%.