More than 3.1 billion shares of Binh Son Refining and Petrochemical (BSR) were approved for listing on HoSE.

The plan to move to HoSE has been “incubated” for many years. BSR shares have recently received official approval from the Ho Chi Minh Stock Exchange, thereby soon moving from UPCoM to listing.

More than 3.1 billion shares of Binh Son Refining and Petrochemical (BSR) were approved for listing on HoSE.

The plan to move to HoSE has been “incubated” for many years. BSR shares have recently received official approval from the Ho Chi Minh Stock Exchange, thereby soon moving from UPCoM to listing.

Binh Son Refining and Petrochemical Joint Stock Company switches to listing after 6 years of IPO

The Ho Chi Minh City Stock Exchange (HoSE) has approved the listing of shares of Binh Son Refining and Petrochemical Joint Stock Company (code: BSR). Accordingly, more than 3.1 billion BSR shares have been approved for listing on HoSE. Previously, HoSE said it had received the application for listing of BSR shares on August 21, 2024.

Binh Son Refining and Petrochemical Company Limited, formerly known as Binh Son Refining and Petrochemical Company Limited, was established on May 9, 2008, a member of the Vietnam Oil and Gas Group, assigned the responsibility of receiving, managing, operating and trading Dung Quat Oil Refinery with a total investment of over 3 billion USD, playing a pioneering role and laying the foundation for the development of Vietnam's petrochemical industry. The company issued its initial public offering (IPO) in January 2018 and has been trading on the UPCoM market since March 1, 2018.

The plan to transfer the floor of Binh Son Refining and Petrochemical has been in the works since previous years but has been hampered by the overdue debt of its subsidiary. However, according to the financial report for the second quarter of 2024, on May 27, 2024, the People's Court of Quang Ngai province issued a decision to open bankruptcy proceedings against the Central Petroleum Biofuel Joint Stock Company (BSR-BF). Therefore, in the financial report for the second quarter of 2024, BSR adjusted its investment in BSR-BF from an investment in a subsidiary to an investment in another unit. In the semi-annual review report just released, auditing firm Deloitte pointed out 2 issues that need to be emphasized. In particular, related to BSR-BF, BSR has terminated the company's control over BSR-BF. Accordingly, the financial report of BSR-BF ceased to consolidate the consolidated financial report from May 27.

Regarding business results, net revenue in the third quarter of 2024 reached VND 31,946 billion in the third quarter, down more than 15% compared to the same period last year. Notably, the cost of goods sold in this period reached VND 33,415 billion, higher than sales revenue. Due to operating below cost, the company recorded a gross loss of VND 1,469 billion, while in the same period it still made a profit of VND 3,830 billion. The company had a net loss of more than VND 1,200 billion in the third quarter. This is also the first quarter that this large petroleum supplier in the domestic market has reported a loss in nearly 6 years.

In the first 9 months of this year, the company recorded revenue of VND87,058 billion, down more than 17% over the same period. Profit after tax reached VND674 billion, down 89% over the same period in 2023.

On the stock market, BSR's stock price closed on December 12, 2024 at VND21,500/share, up 19% compared to the end of last year. With a market capitalization of over VND66,600 billion, equivalent to USD2.6 billion.

Source: https://baodautu.vn/hon-31-ty-co-phieu-loc-hoa-dau-binh-son-bsr-duoc-chap-thuan-niem-yet-tren-hose-d232396.html