The plan to transfer the floor of Binh Son Refining and Petrochemical has been in the works for a long time, but the listing dossier has only now been officially submitted to the Ho Chi Minh City Stock Exchange, thanks to the removal of the "bottleneck" regarding the overdue debt of the subsidiary.
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| The "big guy" of UPCoM floor has submitted listing documents to Ho Chi Minh City Stock Exchange. |
The Ho Chi Minh City Stock Exchange (HoSE) has just announced that it has received the application for listing of BSR shares of Binh Son Refining and Petrochemical Joint Stock Company (code BSR - UPCoM). The date of receiving the application is August 21.
Previously, the company had a resolution of the Board of Directors on approving the listing of BSR shares. In particular, the company will finalize the list of shareholders to establish a shareholder register with the Vietnam Securities Depository and Clearing Corporation. At the same time, the company is preparing to submit documents and carry out related procedures to list shares on HoSE in 2024.
The plan to change 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.
In the second quarter of 2024, Binh Son Refining and Petrochemical achieved VND 24,429 billion in net revenue, down 27% over the same period last year. Profit after tax of the parent company's shareholders (net profit) decreased sharply by 43% to nearly VND 768 billion. The main reason was that the company temporarily suspended the operation of Dung Quat Oil Refinery to conduct general maintenance in March - April 2024, so production and consumption both decreased compared to the same period last year. In addition, the reason also came from the complicated fluctuations in crude oil and product prices. Accumulated in the first half of the year, revenue reached VND 55,118 billion, down 19% over the same period. Profit after tax of the parent company's shareholders decreased by 35% to VND 1,925 billion.
As of June 30, 2024, BSR's total assets reached VND 86,243 billion, equivalent to the beginning of the year, of which bank deposits amounted to nearly VND 40,000 billion, an increase from more than VND 37,448 billion at the beginning of the year.
Recently, the Board of Directors of Binh Son Refining and Petrochemical also approved the plan to pay 2023 cash dividends at a rate of 7% (VND 700/share). The last registration date to close the list of shareholders receiving dividends is October 15. Thus, the ex-dividend date is October 14. Dividends will be paid to shareholders on November 11.
On the stock market, BSR's stock price closed on August 23, 2024 at VND24,000/share, an increase of about 29% compared to the beginning of the year. Accordingly, the capitalization scale of Binh Son Refining and Petrochemical is VND74,411 billion, equivalent to USD2.96 billion.
Source: https://baodautu.vn/hose-da-nhan-ho-so-niem-yet-cua-loc-hoa-dau-binh-son-d223202.html
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