09:52:57 02/06/2011 (GMT+7)
By Decision No. 828/QD-TTg of 31 May 2011 by the Prime Minister approving the equitization and restructuring of Vietnam National Petroleum Corporation (Petrolimex), the Corporation will officially turn into Vietnam National Petroleum Group abbreviated as PETROLIMEX
Industry and Trade - The form of equitization of Petrolimex is to maintain the state equity in the group and at the same time issue more shares for an increase of registered capital with the state holding of at least 75percent of registered capital.
At present, Vietnam National Petroleum Corporation has a registered capital of 10,500 billion Vietnamese dongs. Total shares issued for IPO is 1.070 billion shares in which shares held by the state amounts to 1.016.401.867 (94.99% of registered capital), and priority shares for working personnel are 21,172,200 (1.98% of registered capital) in which there are 19 persons representing the enterprise in other units, shares for trade union organization are 5 millions (0.47% registered capital), shares for public auction are 27,425,933 (2.56 registered capital).
According to redeployment program, the labour force working at the time of announcement of equitization is 16,502 persons in which 15,995 would move to the joint stock company and there are a surplus of 505 persons.
Representative of state equity holder in Vietnam National Petroleum Corporation after equitization is the Ministry of Trade and Commerce.
By the Decision, Vietnam National Petroleum Corporation and its member units would be restructured in the form of a holding company in which the holding company is held by the state by at least 75percent of total shares. After restructuring, members of the group will comprise : the corporations, affiliate companies whose 100percent equity is held by the holding company The Corporation will operate under the form of a holding company which is a single-member limited liability company whose 100percent capital is held by the group, Petrolimex Shipping Corporation, Construction and Installation Corporation, Petroleum Service Corporation .There are 42 petroleum companies operating in provinces and cities all over the country and a single-member limited liability Petrolimex Singapore Company.
Other corporations are limited liability companies, joint stock companies having equity contribution by the group which are set up by law.