|30 investors vie for the position of strategic investor at PV Power, photo PVPower.vn|
After that, it will conduct the sale of 676 million shares or 28.88 per cent of its charter capital to a strategic investor. Interested 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.
To date, 30 investors expressed interest in becoming the strategic investor of PV Power. However, no official applications have been submitted to PV Power yet.
Previously, on January 31, PV Power reported a successful IPO by selling all the 468.37 million shares on offer at the average selling price of VND14,938 ($0.66) per share, with the highest and lowest selling prices being VND28,000 ($1.23) and VND14,500 ($0.64). After the sale, PV Power’s total capitalisation reached $1.48 billion.
|PV Power was established in 2007 andis fully-owned by PetroVietnam. As the second-largest electricity producer in Vietnam, the company operates one coal-fired thermal power plant, three gas-fired power plants, and three hydropower plants.|
PV Power is considered the first power producer to report a complete take-up at its IPO via public auction.
Earlier in 2015, Vinacomin-Power Holding Corporation sold only 0.005 per cent of the offered shares for VND12.053 billion ($529,469), failing its IPO.
Besides, in early February, Power Generation Corporation 3 (EVN Genco 3) also reported a failed auction with only 2.8 per cent of the offered shares sold, leaving 97.2 per cent unmarketable.
PV Power was established in 2007 andis fully-owned by PetroVietnam. As the second-largest electricity producer in Vietnam, the company operates one coal-fired thermal power plant, three gas-fired power plants, and three hydropower plants.
The firm plans to develop nine gas-to-power projects located in Dong Nai, Kien Giang, Binh Thuan, and Quang Nam.
In 2017, PV Power produced 20.581 million kWh of electricity, acquiring VND30.98 trillion ($1.36 billion) in revenue and VND2.503 trillion ($109.95 million) in pre-tax profit. This year, the firm expects to generate 21.570 million kWh with VND30.95 trillion ($1.35 billion) in revenue and VND1.91 trillion ($83.9 million) in pre-tax profit.