PetroVietnam to hold power company sale-off

July 09, 2016 | 15:06

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PetroVietnam Power Corporation (PV Power) plans to sell its entire 2.88 million shares, equalling a 7.85 per cent stake, in EVN International Joint Stock Company to foreign investors on August 1, according to information published on Hanoi Stock Exchange (HNX)’s website.

PV Power’s shares will be sold at the initial price of VND10,800 ($0.48) per share. Accordingly, after the sale, PV Power will acquire at least VND31.1 billion ($1.39 million).

Registration and deposit submissions for the auction will be accepted between July 4 and 25.

PV Power is also looking to sell 100,000 PetroVietnam Electrical & Mechanical Joint Stock Company shares on July 12, at a starting price of VND10,900 ($0.49) per share.

These sales are part of PV Power’s restructuring plan for this year. It also plans to sell a 25 per cent stake at its initial public offer (IPO) in October this year.

As of the end of 2015, PV Power’s shareholders’ equity was VND21.8 trillion ($980 million). The company’s 2015 revenue stood at VND25.3 trillion ($1.13 billion) and its pre-tax profit was VND3.1 trillion ($140 million).

Being the second largest power producer in Vietnam, PV Power currently has 26 subsidiaries and associate companies. It is managing eight power plants with a combined capacity of 4,208 megawatts, accounting for 11 per cent of the country’s total generation capacity. In the 2016-2021 period the company is going to construct three more power plants, gaining an additional capacity of 3,600MW.

In the first quarter of 2016, PV Power’s power output was 5.7 billion kWh. The company targets a total output of 21 billion kWh, fetching a total revenue of VND29.4 trillion ($1.3 billion), a pre-tax profit of VND680 billion ($30.5 million), and an after-tax profit of VND600 billion ($27 million) in 2016.

By By Ha Vy

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