AsemconnectVietnam - Petrosetco (PET - HOSE) announced the documents for its 2026 Annual General Meeting of Shareholders, scheduled to be held on April 24th in Ho Chi Minh City.

In 2026, Petrosetco plans for total revenue of VND23,000 billion, a 5% increase compared to the same period; The projected after-tax profit is VND318.4 billion, a 9% decrease compared to the 2025 figure.
Previously, in 2025, Petrosetco recorded revenue of VND21,815 billion, achieving 106% of the plan, and after-tax profit of VND350 billion, achieving 143% of the 2025 plan.
Regarding dividends, Petrosetco is proposing to shareholders a plan to pay dividends for 2025 in shares at a rate of 5%, corresponding to the issuance of an additional 5,336,106 shares.
In addition, Petrosetco is also proposing to shareholders a stock bonus plan at a ratio of 5:2 (40%), corresponding to the issuance of an additional 42,688,852 shares.
The issuance is expected to take place in the second to third quarters of 2026, after approval from the State Securities Commission.
If the two dividend and stock bonus issuances are successful, the charter capital will increase from VND1,073.3 billion to VND1,553.6 billion.
In addition, Petrosetco also presented a new capital raising plan. The company plans to offer shares to existing shareholders at a ratio of 1:1, equivalent to offering 106.7 million shares at VND10,000 per share, raising VND1,067.2 billion. The implementation time will be decided by the Board of Directors.
The funds raised will be used by Petrosetco to implement the company's projects, and/or those of its subsidiaries and/or affiliated companies, through Petrosetco's capital contribution to its subsidiaries and/or affiliated companies. The projects include, but are not limited to, the Cape Pearl complex project (12AB Thanh Da, Binh Quoi Ward, Ho Chi Minh City) of the company and other projects (if any), and financial restructuring.
According to our research, the Cape Pearl project was once a high-profile project developed on prime land. The project, planned as a 39-story building, was to be constructed at 12AB Thanh Da, covering an area of nearly 20,000 m² on the Saigon River bank at the intersection with Thanh Da Canal, approximately 5 km from the center of District 1.
According to the design, the high-end apartment complex would focus on high-income customers, with apartments having a minimum area of 100 m², equipped with modern interior furnishings, and each apartment designed with a spacious and well-planned living space.
Initially, the project was planned to be developed by Petrosetco and S.S.G. Group. However, in 2021, Petrosetco unexpectedly announced the termination of its cooperation with S.S.G Group on the Cape Pearl project.
In addition, regarding investment budget, Petrosetco plans to invest VND2,200 billion, including 51% of the capital of Gelex North Saigon Infrastructure Company Limited 1, 41% of the capital of Gelex North Saigon Infrastructure Investment Company Limited 2, and 41% of the capital of Gelex West City Infrastructure Company Limited.
N.Nga
Source: VITIC/Tinnhanhchungkhoan