PV Gas plans for third quarter IPO

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PetroVietnam Gas Corporation, an arm of Vietnamese state oil company PetroVietnam, is targeting potential strategic investors for its initial public offering planned for the third quarter, an official said.

Dinh La Thang, PetroVietnam's general director, said on April 5 the state company would offer a 10 percent stake to public investors and 15 percent to strategic investors while planning to keep the remaining 75 percent in the offering.

The move would be implemented after a gas price framework is passed by the government in a move to ensure reasonable prices when the state gas supplier undergoes equitization, said Thang.

PV Gas, as it's known, has chartered capital of VND19,000 billion (US$1 billion). Its revenue was VND30,000 billion last year and estimated at VND40,000 billion this year.

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