Tokyo Gas Asia, a subsidiary of Tokyo Gas, has purchased a 24.9% stake in PetroVietnam Low-Pressure Gas Distribution Joint Stock Company (PV Gas D), a subsidiary of PetroVietnam Gas Joint Stock Corporation (PV Gas).
The transaction was conducted on the stock exchange on July 25th. It was worth about VND1,268 billion (roughly US$71.7 million). After selling shares to Tokyo Gas Asia, PV Gas still holds a 50.5% stake in PV Gas D.
Apart from the share purchase, Tokyo Gas Asia and PV Gas D have signed a Strategic Alliance Agreement (SAA). Accordingly, Tokyo Gas Asia will introduce advanced technology and professional expertise in specific areas and energy saving technology to PV Gas D. This is expected to benefit PV Gas D in their low-pressure gas distribution business.
The agreement and the share purchase in PV Gas D were executed in accordance with the Memorandum of Understanding between the two companies in March 2012.
Tokyo Gas, the parent company of Tokyo Gas Asia, is the largest natural gas business in Japan. It mainly focuses on production, supply and sale of city gas and electricity, LNG sales, liquid gas business,…
Tokyo Gas has developed an extensive system of branches and subsidiaries in numerous markets. It has been an important partner of PV Gas for many years.