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BIDV buys 10 percent stake in propane trader
Joint stock LPG trader Anpha Petro SG agreed to sell a 10 percent stake to the Bank for Investment and Development of Viet Nam. The deal between the two parties signed Oct. 5 was part of Anpha’s plan to have a strategic tie-up, increase its chartered capital to 126 billion VND (7.8 million USD), and beef up its financial capability.
But the parties did not divulge the price the bank paid for the 12.6 billion VND stake. “The bank has been actively supporting us by providing loans, among other things,” its chairman, Tran Minh Loan, said.
Earlier, on September 27, the company took on the Japan Viet Nam Growth Fund LP as a strategic shareholder by selling a 5.5 percent stake.
The same day, it reached an agreement with Japan’s Sojiz Petroleum Company for joint business development. The Japanese firm will help Anpha with gas imports and construction of depots to ensure stable supplies.
Anpha is a leading LPG (liquified petroleum gas) supplier for both household and industrial use, accounting for around 10 percent of the market. It has two depots, one in the north and one in the south, with a combined capacity of 2,500 tonnes and a fleet of four tankers.
With a nationwide distribution network, it achieved a turnover of 1 trillion VND (62.5 million USD) last year and posted 30 percent growth in the first half this year. “We’re making preparations to list on the HCM City Stock Exchange in early 2008 at the latest,” Loan said.
He also disclosed that later this month the company would conclude a contract to sell shares to the Republic of Korea’s SK Securities company.
VNA
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