Vietnam Gas Corporation (PV GAS - Code: GAS) has just announced that it will transfer all of its 183.8 million shares held at PetroVietnam Steel Pipe Production Joint Stock Company (PV Pipe) in the form of a public auction. declared in lots, corresponding to the ownership rate of 99.9946% of the shares.The starting price of shares is more than 1,506 billion VND, equivalent to 8,197 VND/share.The conditions to participate in the auction are all domestic and foreign investors who meet the conditions as prescribed in the Regulation on Auction of shares owned by PV GAS at PV Pipe and commit to pay PV GAS the debt. receivable with the amount of 397 billion dong that PV Pipe has to pay to the corporation.The expected time to hold the auction is at 10:00 am on August 30 at PVFCCo building, 43 Mac Dinh Chi, Da Kao ward, district 1, Ho Chi Minh City.Previously, the intention to divest PV Pipe was shared by PV GAS's management at the 2022 Annual General Meeting of Shareholders. At that time, in addition to PV Pipe, the corporation also planned to divest from Business Joint Stock Company. Gas South (Gas South - Code: PGS) this year.Overview of the 2022 Annual General Meeting of Shareholders of PV GAS.(Photo: Minh Hang).Back to PV Pipe, according to the introduction, the company was established in April 2010 with charter capital of VND 1,838.5 billion, specializing in steel pipe production.PV Pipe owns the Petroleum Steel Pipe Factory in Soai Rap Petroleum Service Industrial Park in Tien Giang Province, with a designed capacity of 100,000 tons/year/shift on an area of ​​22.9 hectares.The total investment capital of the factory project is 2,175 billion VND.PV Pipe's factory has a large-scale production of straight welded steel pipes on the 3-Roll Bending technology line meeting API standards (certified API 5L, API 2B specialized for the oil and gas industry) of the US. .PV Pipe has its own dedicated port, suitable for transporting pipes with large capacity and meeting schedule.PV Pipe's development strategy is to focus on manufacturing and manufacturing straight welded steel pipes for oil and gas pipeline construction projects in Vietnam such as Block B - O Mon and Nam Con Son II pipeline. and exported to countries in the region and the world.Regarding the business situation, in the 5 years period from 2017 to 2021, the company regularly lost over a hundred billion dong, only in 2019 and 2020 the profit after tax reached more than 51 and 50 billion dong, respectively.The turnover in these two years also suddenly exceeded 300 billion dong, while the remaining years were only a few tens of billion dong.In the first 6 months of 2022, the company recorded a net revenue of nearly 7 billion VND but suffered large expenses, so the loss after tax was 71 billion VND.According to the announcement, as of the end of June, the company has accumulated losses of 815 billion dong.This year, PV Pipe aims to have revenue of 55.8 billion dong and loss after tax of nearly 142 billion dong.Source: Compiled from the announcement of PV GAS.Regarding the financial situation, the scale of total assets at the end of the second quarter was 1,448 billion dong, down from 1,801 billion dong announced in 2017, or about 20% down.The debt/total assets ratio at the end of 2021 is 0.28 times, corresponding to the debt that PV Pipe borrows about VND 405 billion.Source: Compiled from information disclosure of PV GAS.PV GAS also said that PV Pipe's short-term solvency ratio and quick solvency ratio in 2018-2019 were both below 1. But in 2020-2021 these two ratios have been improved, both above 1.Minh Hang