PV Gas no longer meets public company ownership requirement

PV Gas no longer meets public company ownership requirement

It identified August 14 as the date on which it ceased to meet the requirement.

PV Gas' LNG storage tank at Thị Vải Terminal. — Photo pvgas.com.vn

PV Gas has reported that it no longer meets the regulatory conditions for public company status after the proportion of voting shares held by investors other than major shareholders fell well below the required threshold.

In a report submitted to the State Securities Commission (SSC) on August 26, the company said it failed to meet the requirement that at least 10 per cent of voting shares must be held by at least 100 investors who are not major shareholders.

It identified August 14 as the date on which it ceased to meet the requirement. The same date was also the record date for compiling the shareholder list for its 2026 extraordinary general meeting of shareholders.

According to the list provided by the Vietnam Securities Depository and Clearing Corporation, PV Gas had 24,743 shareholders holding more than 2.4 billion shares as of August 14.

However, investors classified as non-major shareholders collectively held only 102.3 million voting shares, equivalent to 4.24 per cent of the total.

The proportion was significantly below the minimum requirement of 10 per cent. This means that despite having nearly 25,000 shareholders, only 4.24 per cent of PV Gas' voting shares were held by shareholders outside the major shareholder group.

PV Gas completed its registration as a public company on August 10, 2011, and registered its shares for listing and trading on May 21, 2012.

As of March 31, the company had charter capital of VNĐ24.13 trillion (US$925 million) and shareholders' equity of more than VNĐ70.59 trillion.

PV Gas said that during the one-year period from the date it ceased to meet the conditions for public company status until the SSC cancels its public company status, it will continue to fully comply with relevant legal requirements.

The disclosure comes as PV Gas prepares to hold an extraordinary general meeting of shareholders next month, which is on September 14. The extraordinary meeting is expected to be conducted online with electronic voting.

The agenda is expected to focus on proposals concerning personnel matters based on nominations by the company's major shareholder.

PV Gas has authorised the Deputy General Director in charge of the Board of Management to decide on or adjust, if necessary, the record date for shareholders entitled to attend the meeting, the meeting date and other related matters in accordance with actual circumstances, legal requirements and the company's regulations.

The extraordinary meeting follows recent changes to the company's senior management.

On July 23, PV Gas dismissed Nguyễn Thanh Bình from his position as Chairman of the Board of Directors. Bình remains a member of the company's board following his departure from the chairmanship.

Also on the same day, it appointed board member Nguyễn Huy Hoàng to oversee the Board of Directors until the company completes the appointment of a new chairman.

Bizhub