PETROSETCO was warned due to late information disclosure

DNVN - Ho Chi Minh City Stock Exchange issued a notice reminding about the delay in disclosing information on the Board of Directors' Resolution approving contracts and related party transactions for the Petroleum General Services Joint Stock Corporation (PETROSETCO, stock code: PET).

On September 19, Ho Chi Minh City Stock Exchange (HoSE) received Official Dispatch No. 259 dated September 19, 2024 of PetroVietnam General Services Joint Stock Corporation (stock code: PET) announcing additional information disclosure (CBTT) to the Board of Directors' Resolutions No. 07 dated February 23, 2023 and No. 09 dated February 28, 2023 on guarantees for subsidiaries granted credit limits.

Circular 96 dated November 16, 2020 of the Ministry of Finance guiding the disclosure of information on the stock market stipulates: “A public company must disclose extraordinary information within 24 hours from the occurrence of one of the following events:... Decision of the General Meeting of Shareholders or the Board of Directors approving a contract or transaction between the company and an insider, a related person of an insider or a related person of a public company”.

PetroVietnam General Services Joint Stock Corporation (PETROSETCO) was reminded of the delay in disclosing information on the Board of Directors' Resolution approving contracts and transactions with related parties.

Considering that PETROSETCO is slow to disclose information on the above Resolutions as prescribed, HoSE reminds and requests PETROSETCO to seriously fulfill its obligation to disclose information on the stock market in accordance with current regulations to ensure the rights of shareholders and investors.

Regarding the business situation, PETROSETCO's audited consolidated financial report for the first half of 2024 shows that pre-tax accounting profit was VND 114 billion - far exceeding the VND 58.9 billion recorded in the same period of 2023. After deducting expenses, after-tax profit reached VND 84.1 billion, a sharp increase compared to the VND 43.7 billion recorded in the same period last year.

PETROSETCO was established in June 1996, specializing in providing living, entertainment and tourism services for the oil and gas industry. In 2007, the company was transformed into the Petroleum General Services Joint Stock Corporation and listed its shares on the HoSE.

Currently, this enterprise operates in many fields, from wholesaling plastic granules and fiber products; buying and selling office equipment, audio-visual equipment, real estate business to providing specialized oil and gas materials and equipment; transporting and unloading super-sized and super-heavy structures...

PETROSETCO has 11 directly owned subsidiaries, 2 indirectly owned subsidiaries, 3 directly affiliated companies, 1 indirectly affiliated company... Mr. Phung Tuan Ha holds the position of Chairman of the Board of Directors and legal representative, the General Director is Mr. Vu Tien Duong.

Thu An

Source: https://doanhnghiepvn.vn/kinh-te/chung-khoan/-petrosetco-bi-nhac-nho-do-cham-cong-bo-thong-tin/20240924025715866