PGD Sells Shares To Fund Project

PetroVietNam Low Pressure Gas Distribution JSC (PGD) recently approved to sell 17.11 million shares at a price of VND10,000 each to fund a new project.

The project aims to build a network to distribute low pressure gas to Tien Hai Industrial Zone in Thai Binh Province.

The company will own VND600 billion charter capital if successful.

PV Gas will buy 1.53 million shares in order to keep 50.5 percent ownership.  These shares will be available to transfer after a year.

The amount of 5.58 million shares will be sold to existing shareholders at a ratio of 5:1. Five and a half million shares will be sold to existing shareholders at 12.79 percent.

The rest 1.5 million shares will be sold to the company’s employees.

By T.Quang – Translated by Thuy Doan

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