AsemconnectVietnam - The plan to increase charter capital to nearly USD2 billion of Binh Son Refining and Petrochemical Joint Stock Company (BSR) has been approved by the Vietnam Oil and Gas Group (Petrovietnam).

On December 24, the plan to increase BSR's charter capital to VND50,073 billion was approved by the Vietnam Oil and Gas Group and is being submitted to the competent authority with the expectation of receiving approval before the first quarter of 2025.
This capital increase is to meet the investment capital needs for the Dung Quat NMLD NCMR Project and BSR's long-term development strategy to 2030, with a vision to 2045.
This plan is built on the basis of the requirements of the BSR Shareholders' Meeting in Resolution No. 1575/NQ-BSR dated May 23, 2024 and Decision No. 1978/QD-TTg dated December 8, 2017 of the Prime Minister stipulating that BSR's current charter capital does not include capital for the Dung Quat NMLD NCMR Project. This capital increase will be implemented through the issuance of bonus shares, paying dividends in shares from the Development Investment Fund and Undistributed Profit after Tax, with a total bonus distribution ratio of 61.5%.
Increasing charter capital is an urgent requirement to meet capital needs and increase efficiency for the Dung Quat NMLD NCMR Project - an important project approved by the Prime Minister for investment to increase the plant's production capacity to 171,000 barrels/day, diversify input materials, ensure stable and long-term supply, optimize production costs, and enhance competitiveness. At the same time, the project will help the plant's products meet Euro V standards, contributing to the sustainable development of Vietnam's petrochemical industry and ensuring national energy security. Previously, on December 12, 2024, the Ho Chi Minh City Stock Exchange (HSX) issued a decision approving the listing of BSR shares. With the roadmap of January 17, 2025, BSR will officially trade on HoSE, along with the successful implementation of the plan to increase charter capital in 2025, which will be an important premise for BSR's sustainable development and increase value for investors.
N.Nga
Source: VITIC/Tinnhanhchungkhoan