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Japan firms invest in local gas shipping company
By Thuy Trieu - The Saigon Times Daily
Wednesday,  Dec 15, 2010,00:49 (GMT+7)

By Thuy Trieu - The Saigon Times Daily

Nguyen Ngoc Anh (L), general director of Gas Shipping, hands the investment certificate to Hideo Katsube, chiarman and CEO of Knowledge Company Inc., in HCMC on Monday - Photo: Thuy Trieu
HCMC – Two Japanese firms have each acquired one million shares of Vietnam’s International Gas Product Shipping Joint Stock Company, or Gas Shipping, thus holding a combined stake of 6.7% in the local public company.

It was revealed at a function held in HCMC on Monday that Knowledge Company Inc. and Indochina No.1 Limited Liability Partnership had bought the two million shares from PetroVietnam Transportation Corporation (PVTrans), the parent firm of Gas Shipping which holds a controlling stake in the gas transporter.

Nguyen Ngoc Anh, general director of Gas Shipping, handed certificates recognizing the two Japanese investors as its major shareholders on Monday.

Gas Shipping, with chartered capital of VND300 billion, started operation in early 2008, with the core business being transportation of liquefied petroleum gas (LPG) as assigned by its parent firm PVTrans.

The company operates its own fleet of four vessels plus five chartered vessels. The company expects to obtain VND513 billion in revenue and VND66.4 billion in pre-tax profit, up 142% and 57% respectively from last year.

Gas Shipping is expected to list on the Hochiminh Stock Exchange in the first quarter next year.

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