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If the share sale is completed, the State holding in the group would be reduced to about 75 percent, said Dinh Viet Tien, chief of Petrolimex's Supervisory Board at its annual shareholders' meeting on May 26. This move is in line with the Petrolimex' equitis-ation plan approved by the Prime Minister in May, 2011, to raise its charter capital from 10.7 trillion VND (493.1 million USD) to 12.5 trillion VND (576 million USD). The Ministry of Industry and Trade represents State ownership in Petrolimex with a 95-percent stake. Petrolimex signed a memorandum on strategic co-operation with JX Nippon Oil and Energy last December. The group expects collaboration with the Japanese investor, who has strong financial capacity with 37 percent of market shares in Japan, will promote its financial situation and corporate governance. At the meeting, Petrolimex' executives also reported on business performance in 2014 and plans for this year. Ending September, 2014, the group still earned a profit … [Read more...] about Petrolimex to sell large stake to JX Nippon Oil & Energy