PVGas to buy 56% of CNG

PetroVietnam Gas Corporation (PVGas) will buy more than 15 million shares in natural gas dealer CNG Vietnam JSC (CNG), equal to 56 per cent of the company's capital.

PVGas is now not a shareholder of CNG. The offered price has not been released.

Yesterday, CNG rose 1.9 per cent to trade at VND32,400 (US$1.44) per share. If PVGas offers this price, the value of this deal could reach VND490 billion ($21.8 million).

PVGas will use a part of its investment and development fund to buy CNG's stakes. This fund was worth VND11.27 trillion ($500.7 million), according to PVGas's revised financial report for last year.

This deal could make PVGas the biggest shareholder in CNG. After completing the deal, PVGas will restructure CNG's business segments based on the market region, customer and stage.

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