PVGas South is set to sell out its 55.2 percent stake in CNG Vietnam by April. Photo credit: giaoduc.net
PetroVietnam Southern Gas JSC has announced plans to sell its 55.2 percent stake in gas producer and distributor CNG Vietnam by April 30.
With the CNG share selling at VND31,500 on the stock market now, the sale is expected to fetch PVGas South, as the company is better known, VND469 billion (US$20.83 million).
Incorporated in 2007 as a producer, transporter and distributor of compressed natural gas, liquefied natural gas, and liquefied petroleum gas products, CNG Vietnam reported a net profit of VND118 billion ($5.24 million) last year, up 40 percent year-on-year.
Bermuda-incorporated investment company Utilico Emerging Markets Limited and Luxembourg-based Andbank Asset Management's mutual fund Halley SICAV - Halley Asian Prosperity own a combined stake of 20.07 percent in the company.