Many Billion-Dollar Companies at Risk of Losing Public Company Status

Many major companies like PV GAS, BSR, ACV, and large banks face the risk of losing their public company status due to failure to meet regulations on minority shareholders. PV GAS announced they do not qualify with only 4.24% of shares held by 17,494 minority shareholders, while the major shareholder PVN owns 95.76%. Similar situations are seen in other companies, with many valued over $1 billion lacking enough minority shareholders to maintain public company status. The consequence is that their stocks will not qualify for listing on stock exchanges. Many firms planned to reduce ownership stakes of large shareholders to rectify this issue and maintain public company status, but unfavorable market conditions delayed these plans. The National Assembly has passed a State Capital Management and Investment Law allowing state-owned enterprises undergoing restructuring to not have their public company status revoked during the approved restructuring period.