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PetroVietnam Southern Gas to offload its shares in CNG

VNA Print

Oil rigs in the Bach Ho (White Tiger) oil field (Photo: VNA)

Hanoi (VNA) - PetroVietnam Southern Gas (PGS) approved the divestment of its 14.9 million shares, a 55.2 percent stake, in natural gas producer CNG Vietnam Joint Stock Company (CNG) on January 27.

PGS said the divestment would be completed before the end of April under an agreement or suitable transactions. Buyers must purchase at least 25 percent of the stake, or 6.75 million shares.

Investors must show a balance in their financial statements at the end of 2015 of at least the amount due for the share purchase.

If the amount is calculated on January 27, when each of the CNG shares closed at 32,200 VND (1.4 USD), the investors must have at least 217.3 billion VND (9.67 million USD) if they want to bid on the shares from PGS.

On February 4, CNG is expected to pay a 15 percent dividend in cash, with each share worth 1,500 VND. Thus, PGS will receive more than 22 billion VND (more than 1 million USD) in dividends from CNG before the divestment.

The consolidated financial statements of PGS reveal that its investment in CNG was 149 billion VND (6.6 million USD). Calculated on January 27, the deal was worth some 479.7 billion VND (21.36 million USD).

Besides PGS, two foreign investors in CNG are Utilico Emerging Markets Limited and Halley Sicav - Asian Prosperity Halley, holding a 20.07 percent stake.

CNG was established in 2007 in the southern province of Ba Ria-Vung Tau and is specialised in producing, transporting and distributing compressed natural gas, which is utilised by plants using thermal energy during production and processing; apartment buildings; and the transportation industry, as a replacement for petroleum.

It earned a revenue of 950 billion VND (42.3 million USD) and profit before tax of 145.2 billion VND (6.46 million USD) in 2015.-VNA
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