The Vietnam Low-pressure Gas Distribution Public Joint Stock Company (PV GAS D – stock code: PGD) has just announced that it does not meet the necessary conditions to maintain its status as a public company. According to data as of December 8, 2025, the shareholder structure of PGD shows a very high concentration of ownership, with three major organizations holding up to 96.5% of the voting shares. The Vietnam Gas Corporation (PV GAS) is the parent shareholder, accounting for 50.5% of the capital, while two Japanese partners hold 25% and 21% of the capital. According to the provisions of the Securities Law, the company needs at least 10% of shares held by at least 100 non-major shareholders to maintain its public company status. PV GAS D only has 3.5% external ownership, violating this requirement. The company is working with major shareholders to find appropriate solutions. This situation is similar to that of PV GAS, where the Vietnam Oil and Gas Group holds 95.76% of the shares.
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