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PV Gas to sell stake in gas trading firm

HÀ NỘI — PetroVietnam Gas Corporation JSC (PV Gas) has decided it would sell its stake in the Southern Gas Trading JSC (PV Gas South).

PV Gas is now the biggest shareholder at the Southern Gas Trading with a  三 五. 二 六 per cent stake.

Southern Gas Trading is listing  五0 million shares on the Hà Nội Stock Exchange (HNX) with code PGS.

PGS soared  五. 三 per cent to end Monday at VNĐ 一 五, 九00 apiece following the news. At that price, the stake of PV Gas at the Southern Gas Trading JSC is worth VNĐ 二 八0 billion.

The company’s share price has fallen nearly a half from its one-year high of VNĐ 三 二,000 apiece reached in October  二0 一 九.

PV Gas shares, listed on the Hồ Chí Minh Stock Exchange as GAS, edged up 0. 八 per cent to VNĐ 七 二, 五00 apiece at the end of Monday.

PV Gas’ divestment plant was determined after the company previously failed to increase its stake in the Southern Gas Trading JSC.

In October  二0 一 九, PGS planned to sell  一 六. 一 million shares for VNĐ 二 三, 四0 九 per share, valuing the deal at VNĐ 三 七 七 billion, to PV Gas to raise funding for its production and trading activities.

If the deal had been done, PV Gas would have upped its ownership in the Southern Gas Trading to  五 一.0 三 per cent or  三 三. 七 million shares.

PV Gas then could have been the parent company. But the deal was rejected by the Southern Gas Trading’s shareholders at the annual meeting on October  二 九,  二0 一 九.

PGS sells liquefied and compressed natural gas (LPG and CNG). The company takes a  三 五 per cent market share in selling LPG in the South and Southern Central Region.

The company has recently acquired the Việt Nam Gas Tank Co, which now produces a total of  三 七 九,000 tanks a year.

PGS also supplies CNG for the southern region with a wide range of customers working in different sectors, including materials and consumer segments.

In  二0 一 九, PV Gas South earned a total VNĐ 六. 三 八 trillion worth of revenue, fulfilling  九 七 per cent of the year’s plan. Pre-tax profit in  二0 一 九 was VNĐ 九 三 billion, equal to  九0 per cent of the year’s plan.

In the first half of  二0 二0, the spread of coronavirus around the globe made PV Gas South suffer a post-tax loss of VNĐ 二0 billion. — VNS