Vietnamese Tiếng Việt | Wednesday, July 18, 2018 | Advertise with Us
Text Size

Third time’s the charm: PV Power announces December IPO

(0 votes, average 0 out of 5)

PV Power hopes to complete its equitisation in December this year, after having missed the deadline numerous times, according to information published on the company’s website.

Third time’s the charm: PV Power announces December IPO, vietnam economy, business news, vn news, vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, vn news, Vietnam net news, Vietnam latest news, Vietnam breaking news

In early June, the company published on its website that it is expected to conduct its initial public offering (IPO) at the end of August. Previously, PV Power submitted its equitisation plan approved by the Ministry of Industry and Trade to the prime minister for approval. The plan was approved at the end of June 2017.

Previously, in June 2016,  PV Power planned to sell a 25 per cent stake at its IPO in October 2016. However, the IPO was not conducted at the time.

For the third time, PV Power has changed the state stake volume to be divested to 29 per cent for strategic investors. At the IPO it is planning to sell 20 per cent, 5 per cent less than the previous plan.

PV Power has approached a number of potential investors, such as VinaCapital, BNP Paribas, Standard Chartered, and Deloitte, as well as funds operating in Vietnam, such as Indochina Capital, Dragon Capital, SGI Cap, Kingsmead, and big investors in the region, such as Sembcorp, Keppel Infrastructure, GIC, and Nexif, in order to measure up demand and build negotiation plans.

The company is searching for strategic investors and it hopes to finish the process before the IPO.

According to its plan, within five years of its equitisation, PV Power set the target to supply 200 billion kWh for the national power grid and earn an annual revenue of VND40 trillion. Besides, the company will invest into Nhon Trach 3 and 4 thermal power plants as well as take over projects from PetroVietnam.

Established in 2007, PV Power is currently 100 per cent owned by PetroVietnam. The company produces and sells electricity, as well as repairs and maintains power plants, provides equipment and spare parts, imports and sells coal to power plants, and develops power projects.

Currently, PV Power is operating nine power plants, including four gas-fired power plants, three hydropower plants, and one coal-fired thermal power plant, with the total designed capacity of 4,208.2MW.

The company’s equitisation aims to attract capital from domestic and foreign investors to improve its financial capacity, apply new technology, as well as improve governance to boost efficiency and competitiveness.



Source: VIR

Maybe You Also Interesting :

» Vinalines faces losses on eve of equitisation

The parent company of Vietnam National Shipping Lines (Vinalines) has forecasted losses of up to VND1.14 trillion (USD51 million) in the first half of this...

» PV Power to sell state stake in single bulk to strategic investors

Vietnam’s second largest electricity producer, PetroVietnam Power Corporation (PV Power) plans to divest the state-owned stake by putting the shares on sale...

» SOE equitisation lets down investors

Even though the government has been trying its best to boost the equitisation of SOEs, the poor performance and small sales percentage of many such enterprises...