Petrolimex Gas Company (PGC), one of the largest gas distributors in Vietnam, is expected to snap up VND70.9 billion (US$4.5 million) via its share auction which will take place on May 10.
As planned, PGC will sell 4.05 million shares at the initial price of VND17,500 each, compared with the par value of VND10,000.
The share sales would reduce the state-owned stake in PGC to 60 per cent from its current 87 per cent, a preparatory step for listing on the stock exchange.
PGC, which has registered capital of VND150 billion (US$9.5 million), specializes in the importation of liquefied petroleum gas (LPG), transport, depot, spare parts, materials, investment consultation, technology transfer, real estate. Of them, gas contributes 97 per cent of its revenues.
The firm is an arm of the state-owned Vietnam National Petroleum Corp (Petrolimex), a leading fuel importer in the country. It accounts for 17 per cent of the domestic LPG market share.
PGC, with a nationwide network, is one of the most prestigious trademarks in Vietnam.
The firm obtained revenue of VND887 billion in 2004 and VND1.12 trillion in 2005. Its net profit was VND30.5 billion and VND94.4 billion in the last two years, respectively.
PGC targets earnings of VND33.7 billion in 2006, VND37 billion in 2007 and VND40.8 billion in 2008, from revenue of VND1.23 trillion, VND1.14 trillion and VND1.25 trillion, respectively.
PGC was among the 165 companies ordered to list shares by the government in 2005.
HASTC, Vietnam Financial Times
Vietnamese
