PV GAS to sell entire PV PIPE stake
PetroVietnam Gas Joint Stock Corporation (PV GAS) plans to organise an auction on August 30 for its entire stake in PetroVietnam Steel Pipe Joint Stock Company (PV PIPE).
PV PIPE's accumulated losses reached VND815 billion ($34.83 million) as of June 30, 2022
Accordingly, PV GAS would sell all 183.84 million shares or 99.99% of PV PIPE's chartered capital at an initial price of over VND1.5 trillion ($64.1 million) or VND8,197 ($0.35) per share.
All domestic and foreign investors can participate in the auction if they meet the conditions specified in the country's auction regulations and commit to paying PV GAS VND397 billion ($16.97 million) worth of debts that PV PIPE owes.
The divestment plan was approved by PV GAS's 2022 annual general meeting. This year, the corporation also plans to divest from Southern Gas Trading Joint Stock Company (GAS SOUTH), listed on the Hanoi Stock Echange as PGS.
PV PIPE was established in April 2010 with a charter capital of VND1,838 billion ($78.56 million). It mainly operates in the field of steel pipe production and owns an oil and gas steel pipe plant at the Soai Rap Petroleum Service Industrial Park in the Mekong Delta province of Tien Giang. Covering an area of 22.9 hectares, the VND2,174 billion ($92.92 million) plant has a design capacity of 100,000 tons per year.
In 2021, PV PIPE suffered an after-tax loss of VND163 billion ($6.97 million) as its net revenue sharply fell by 89% compared to the previous year to VND35 billion.
In the first half of 2022, the company earned only VND7 billion in revenue, leading to a post-tax loss of VND71 billion. Its accumulated losses reached VND815 billion ($34.83 million) as of June 30, 2022. The figure is estimated at VND140 billion this year.
Meanwhile, PV GAS posted an after-tax profit of nearly VND7 trillion ($299 million) in the first six months of 2022, up 87% compared to its target and 59% year-on-year.
The firm produced and supplied over 1 million tonnes of liquefied petroleum gas (LPG) in the first two quarters of 2022, surpassing 23% of the plan and equal to 99% of that in the same period last year, accounting for about 70% of the wholesale market share of the country.
It also produced and supplied 56,800 tonnes of condensate, up 67% compared to the plan and 85% year-on-year.
PV Gas, a subsidiary of the state-run Petrovietnam, is listed on the Ho Chi Minh Stock Exchange as GAS.
- Read More
Vietnam plans to spend over $2 bln on US agri imports
Vietnam’s Ministry of Agriculture and Environment is expected to sign MoUs to purchase over $2 billion worth of U.S. agricultural, forestry, and fishery products.
Economy - Tue, June 3, 2025 | 10:01 pm GMT+7
New flight route to help Danang attract more wealthy tourists from Middle East
The new Dubai-Danang flight route has been launched, paving the way for an influx of high-spending travelers from the Middle East and Europe to the central Vietnam city, one of the country's top tourist attractions.
Companies - Tue, June 3, 2025 | 9:13 pm GMT+7
Food giant C.P. Vietnam’s 'diseased' pigs improperly quarantine-stamped: authorities
The widely circulated images of diseased pigs from C.P. Vietnam, a subsidiary of Thailand’s food giant Charoen Pokphand Foods Public Company Limited (CPF), date back to 2022, but the pigs were improperly stamped, Vietnamese authorities stated on Tuesday.
Companies - Tue, June 3, 2025 | 5:36 pm GMT+7
Son Hai Group proposes expanding 263km stretch of Vietnam's North-South Expressway
Vietnam’s Son Hai Group is seeking Prime Minister Pham Minh Chinh's approval to invest in the expansion of a 263-kilometer stretch of the eastern section of the North-South Expressway.
Infrastructure - Tue, June 3, 2025 | 3:53 pm GMT+7
FedEx establishes direct serve in Vietnam on surging demand
FedEx Express Corporation, one of the world’s largest express transportation companies, has transitioned to a direct-serve presence in Vietnam amid the Southeast Asian country’s growing international shipping demand.
Industries - Tue, June 3, 2025 | 2:55 pm GMT+7
Vietnam’s steel giant Hoa Phat to deliver thousands of containers to domestic shipping lines
Vietnam’s largest steelmaker, Hoa Phat Group, will supply thousands of containers to VIMC Container Transport JSC (VIMC Lines) and Vinafco Shipping JSC under recently signed contracts.
Companies - Tue, June 3, 2025 | 12:16 pm GMT+7
Shinhan Bank receives 'Fastest growing SME bank Vietnam 2025' award
South Korea’s Shinhan Bank Vietnam Limited has been named the “Fastest Growing SME Bank Vietnam 2025” by World Economic Magazine (UK).
Companies - Tue, June 3, 2025 | 10:19 am GMT+7
Vietnam’s ‘shrimp king' Minh Phu expects to return to profit in 2025
Minh Phu Seafood Corporation (UPCoM: MPC), Vietnam’s leading shrimp exporter, expects net profit to reach VND997 billion ($38.03 million) this year, reversing the loss in 2024.
Companies - Tue, June 3, 2025 | 8:38 am GMT+7
CMC Corporation breaks ground on $300 mln technology hub in Hanoi
Vietnam's leading technology firm CMC Corporation on Monday broke ground on its $300 million Hanoi CMC Creative Space (CCS Hanoi) project.
Industries - Mon, June 2, 2025 | 11:19 pm GMT+7
Thailand’s industrial output up after 9-month decline
Thailand’s industrial output has turned positive for the first time in nine months, with the automotive sector rebounding after a 21-month slump, said Thai Deputy Finance Minister Paopoom Rojanasakul.
Southeast Asia - Mon, June 2, 2025 | 10:48 pm GMT+7
Singapore, France to expand cooperation in civil nuclear energy, defence technology, AI research
Singapore and France have upgraded their Strategic Partnership signed in 2012 to a Comprehensive Strategic Partnership (CSP), marking Singapore's first CSP with a European country.
Southeast Asia - Mon, June 2, 2025 | 10:47 pm GMT+7
Masan MEATLife stock jumps on continued profit momentum
The ticker of Masan MEATLife (MML), a subsidiary of Vietnamese consumer retail giant Masan Group, jumped by 8.71% to VND31,200 ($1.2) per share on Monday, after it reported profit for the third consecutive quarter in Q1/2025.
Companies - Mon, June 2, 2025 | 10:34 pm GMT+7
Vietnam's VSIP Binh Dinh industrial park seeks to become 'golden destination' for Thai firms
The Becamex VSIP Binh Dinh service-urban-industrial complex in the central province of Binh Dinh is emerging as a promising destination for Thai enterprises, said its developer Becamex Binh Dinh JSC.
Industrial real estate - Mon, June 2, 2025 | 10:24 pm GMT+7
Termination of feed-in-tariff mechanism a major bottleneck in Vietnam’s electricity transition: expert
A major bottleneck in Vietnam’s electricity transition has been the termination of the feed-in-tariff (FIT) mechanism in 2021, with no suitable replacement mechanism in place, according to the director of Hanoi-based Institute of Energy Technology.
Economy - Mon, June 2, 2025 | 4:56 pm GMT+7
Vietnam Vaccine JSC launches high-quality healthcare shop chain
Vietnam Vaccine JSC (VNVC), well known for its vacciation services, on Saturday launched its VNVC Shop, a chain offering safe, high-quality healthcare products from globally recognized brands.
Companies - Mon, June 2, 2025 | 4:05 pm GMT+7
Vietnam heavyweight PV Gas plans $3 bln investment over next 5 years
PV Gas, a subsidiary of state-owned giant Petrovietnam, plans to make "strong investment" over the next five years in areas such as infrastructure and import-distribution of LNG.
Energy - Mon, June 2, 2025 | 2:01 pm GMT+7
