PV GAS organizes a batch auction to transfer all its equity in PV Pipe
Starting from August 9, PV GAS organized a batch auction to transfer all its equity in PV Pipe through Petro Vietnam Securities Joint Stock Company (PSI) with the information (auction regulations, documents on PV Pipe) published on the websites of PV GAS, PV Pipe and PSI.
Petro Vietnam Steel Pipe Joint Stock Company (PV Pipe) is a company specializing in the steel pipes production, which was established on April 26, 2010. PV Pipe owns the 22.9-hectare Petroleum Steel Pipe Manufacturing Factory with the designed capacity of 100,000 tons/year/shift at Sai Rap Petroleum Service Industrial Park in Tien Gang Province. The main businesses are iron, steel and cast-iron productions (details: Manufacturing steel pipes and steel plates). PV Pipe with a charter capital of VND 1.8 trillion is a member of Petrovietnam Gas Joint Stock Corporation (PV GAS). Shareholding percentage of PV GAS in PV Pipe is 99.99% of charter capital.
PV Pipe's development strategy is to focus on manufacturing straight welded steel pipes for oil and gas pipeline construction projects in Vietnam and exporting them to countries in the region and the world.
PV Pipe's factory produces straight welded steel pipes on the 3-Roll Bending machine meeting API standards (certified API 5L, API 2B specialized for the oil and gas industry) of the US at the large-scale. PV Pipe has its own dedicated port, suitable for transporting pipes with large capacity and meeting schedule.
Particularly, PV GAS sells all 183,840,000 shares in one lot (equivalent to 01 share lot), accounting for 100% of the total number of PV GAS shares in PV Pipe, equivalent to 99.99% of charter capital of PV Pipe. The starting price of one share lot is 1,506,936,480,000 VND/1 share lot (equivalent to VND8,197/share).
All local and foreign investors, who meet the conditions as stipulated in the Auction Regulation on PV GAS Shares in PV Pipe issued by PSI - HCM City-based Branch and commit to pay receivables with the amount of VND 397,125,357,804 which PV Pipe has to pay to PV GAS, are eligible to participate in the auction. Minimum subscription quantity is 01 lot of shares (corresponding to 183,840,000 shares). Distribution method is the public auction of one lot at PSI – HCM-based Branch.