PetroVietnam to divest 20 pct stake in PV Gas

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PV Gas is looking for strategic investors particularly those with experience in gas exploitation or  pipeline operations. PHOTO COURTESY OF DAU TU CHUNG KHOAN NEWSPAPER
State-owned fuel giant PetroVietnam (PVN) plans to slash holdings in its gas arm from 96.7 percent to 75 percent by 2015 as part of its restructuring plan.
PVN will sell a stake of 2-5 percent in PV Gas to public investors and 16.7-19.7 percent to strategic investors this year or next year, Saigon Times quoted a PVN proposal to the finance ministry as saying Thursday.
PV Gas, officially known as PetroVietnam Gas Corporation, is looking for strategic investors particularly those with experience in gas exploitation or pipeline operations, the newspaper said.
The company, which has many ongoing gas projects in Ba Ria – Vung Tau and Binh Thuan provinces, posted an after-tax profit of nearly VND12 trillion (US$570 million) last year.
Its revenue reached VND65 trillion ($3 billion), or 10 percent of PVN’s total revenue.
PV Gas shares hit VND99,500 ($4.7) on April 28 and are considered a heavyweight on the Ho Chi Minh City stock market.
The firm plans to pay dividends for 2014 at VND3,300 per share.
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