Thousands of investors line up for PV Power and EVN Genco 3

Vietnam's two heavyweight power producers are attracting great attention

The Hanoi Stock Exchange has published the number of investors registered to join the auction to gain a stake in PV Power, a PetroVietnam subsidiary. Accordingly, 1,982 investors registered to buy 491.47 million shares, exceeding the offered volume by 23.1 million shares. 97 organisations registered to buy 361.38 million shares and 1,885 individuals registered 130.09 million shares.

According to the published equitisation plan, PV Power will put more than 468.3 million shares, or 20 per cent of its charter capital, up for sale at its IPO on January 31, 2018. The initial price will be VND14,400 ($0.64) per share.

The shares will be listed on the Hanoi Stock Exchange (HNX) and PV Power expects to earn at least VND6.74 trillion ($296.79) from the IPO.

The market capitalisation of PV Power at the share price of VND14,400 ($0.64) is estimated at $1.48 billion, while its charter capital is projected to reach VND23.4 trillion ($1.04 billion) after the equitisation is completed.

PV Power will also sell 676 million shares, or 29 per cent of its charter capital, to strategic investors. Strategic investors are required to have reported profit in the last two years, hold no accumulated losses, and keep the acquired PV Power shares for at least five years.

Regarding EVN Genco 3, there has been no official information announced about the investors participating in the IPO, which is expected to be organised on February 9. However, there are four heavyweights who registered to buy the 36 per cent stake offered for strategic investors.

According to Dinh Quang Tri, deputy general director of EVN, these four investors come from India, Thailand, South Korea, and the Middle East, with their own advantages. Notably, the investor from India operates power plants with a total capacity of 10,000MW, with coal mine projects in Indonesia and Australia.

The Thai investor has massive experience in manufacturing turbines and has strong financial potential.

The investor from the Middle East is specialised in investing in power plants over the world.

The South Korean investor has financial potential and has developed power plants around the world, including a BOT project in Vietnam.

According to the equitisation plan approved by Deputy Prime Minister Vuong Dinh Hue, EVN will put 267 million shares, or 12.8 per cent of EVN Genco 3’s charter capital, on sale at the IPO at the initial price of VND24,600 ($1.08) apiece.

The auction is expected to be organised on February 9. EVN expects to acquire VND6.59 trillion ($290.1 million) in proceeds.

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