PetroVietnam's PV Gas D issues shares

VNStockNews.com - The PetroVietnam Low Pressure Gas Distribution Joint Stock Company (PV Gas D) will officially list 33 million shares on the HCM City Stock Exchange (HOSE) tomorrow with an initial face value of VND56,000 (US$3.13).

PV Gas D made the announcement at a roadshow in HCM City yesterday. With the code share PGD, this will be the sixth share offering by the oil and gas sector on the HCM City bourse, following DPM, PET, PVT, PVF, PVD.

Under the exchange’s rules, share prices can fluctuate within a range of 20 per cent on the first day of listing.

PGD was established in May 2007 with a charter capital of VND330 billion ($18.3 million), of which, PV Gas held 18 per cent, PV Gas South acquired 17 per cent and PV Gas North, 15 per cent.

Over the past two years, PV Gas D reported an annual revenue growth of 10 per cent, paying about VND100 billion to the State Budget per year.

This year, the firm is expected to reach a VND1.17 trillion revenue and earn an after-tax profit of more than VND170 billion. Its earnings per share (EPS) is estimated at VND5,152, the firm said.

PV Gas D specialises in distributing low pressure gas – a kind of natural gas extracted from gas tapped at oil fields. It also provides services related to low pressure gas, including maintenance, assembly, investment supervision and consultancy.

In addition, the company provides CNG (compressed natural gas), LPG (liquefied petroleum gas), LNG (liquefied natural gas) and other oil and gas products.

The company is expanding its gas distribution network to industrial zones in Phu My, My Xuan, Go Dau, Nhon Trach, Hiep Phuoc and others in Ca Mau and Can Tho provinces, as well as in the northern and central areas.

It has mapped out plans to import gas through pipes by 2012.

The enterprise acquires a 5 per cent stake in the Viet Nam CNG joint stock Co, totalling nearly VND3.4 billion.