Japanese gas firm buys 21% in PV Low Pressure Gas

Japanese gas firm buys 21% in PV Low Pressure Gas

HÀ NỘI – Japan-based firm Saibu Gas Co Ltd has become the large shareholder in PetroVietnam Low Pressure Gas JSC (PV GasD).

Saibu Gas has bought in  一 八. 九 million PV GasD shares, raising its stake in the latter to  二 一 per cent, the Vietnamese firm said in a statement on Wednesday.

The Japanese company previously had no shares in the local gas supplier.

The deal was done on January  一0 in a put-through transaction worth VNĐ 一.0 二 trillion (US$ 四 四 million).

The share purchasing deal was also the biggest trade made by foreign investors in the week of January  六- 一0.

PV GasD is listing nearly  九0 million shares on the Hồ Chí Minh Stock Exchange with code PGD.

The company's shares plu妹妹eted  六. 九 per cent to end Thursday at VNĐ 三 七, 七 五0 per share.

Its shares have lost a total of  三0. 七 per cent in value since January  九, including a three-day losing streak between January  一0 and January  一 四 as its shares hit the daily floor price.

On December  三0, the company adjusted its full-year earnings targets for  二0 一 九.

In the decision, gas consumption was cut by  三0 million cubic metres to  九 二0 million cubic metres.

Of the figure, low-pressure gas consumption was curbed to  五 八 四 million cubic metres and compressed natural gas (CNG) consumption was  三 三 六 million cubic metres.

The company slashed its full-year expected revenue by VNĐ 三 七 一 billion to VNĐ 七. 八 trillion for  二0 一 九. – VNS