CATEGORIES

© Copyright 2004; Hanoitimes - Economic and Urban Newspaper;

The tribune of Hanoi People’s Committee

Publication Permit: 29/GP-CBC

Editor - in - Chief: Nguyen Thanh Loi

Managing Editor: Ta Thu Giang

Email : thugiang@hanoitimes.vn

Head Office: 21 Huynh Thuc Khang Street, Dong Da District, Hanoi

Branch Office: 221 Tran Phu Street, Ha Dong District, Hanoi

WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Investment / News
PetroVietnam to retain nearly 80% stakes in PV Power after IPO
Nguyen Tung 07:47, 2018/06/27
PetroVietnam Power Corp (PV Power), a subsidiary of Vietnam National Oil and Gas Group (PetroVietnam) will not seek strategic investors for its 28.82% stake as initially planned, according to Ho Cong Ky, Chairman of PV Power.
PetroVietnam will retain a 79.94% stake in PV Power, Ky said at the electricity firm's first ever annual general meeting on June 26, following the company's initial public offering (IPO) in January. 
 
Illustration photo.
Illustration photo.
Under the government-approved equitization scheme, PetroVietnam was expected retain 51% of PV Power on behalf of the government, while three strategic shareholders would hold 28.82% stakes after equitization. 

At the meeting, Ky said PV Power was required to sell shares to strategic investors three months after IPO. However, the firm has not been able to materialize the plan. 

"The prime minister has approved PV Power's recent-adjusted capital structure. In case the company needs major shareholders, PV Power will sell the entire stake in a single bulk. The specific plan will be approved by PetroVietnam," Ky noted.

Nevertheless, PetroVietnam still plans to reduce its holding to under 51%, but at the right moment. 

The government in January raised US$308 million (VND6.996 trillion) by selling 20% shares of PV Power in the IPO. With total shares offering of 468 million and initial price of VND14,400 (US$0.6) apiece, the proceeds were 4% higher than the government's expectations of at least US$295 million.

Consequently, PV Power was valued at US$1.48 billion, while its charter capital was reported at VND23.4 trillion (US$1.04 billion) after the IPO.

PV Power is the second largest electricity generator in Vietnam in terms of capacity, only behind Vietnam Electricity (EVN) that holds 61% of the market share, it claims.

In the first six months, PV Power reported VND17.37 trillion (US$758.7 million) in revenue and VND1.37 trillion (US$59.84 million) in pre-tax profit, informed the firm on its website. The company also generated 11,776 million kWh during the same period.
Comments
Other news
12:17, 2025/02/25
Vietnam eyes top 3 in investment environment in ASEAN next 2 years: Party Chief
A key objective is to trim off at least 30% of administrative procedures and cut both business costs and unofficial fees.
18:03, 2025/02/22
Vietnam attracts South Korean tech investment at SEMICON Korea 2025
The event provided a platform for Vietnam to showcase its semiconductor potential and reaffirm its commitment to developing high-tech industries and strengthening international cooperation.
16:46, 2025/02/20
Swedish group plans US$1 billion investment in Binh Dinh recycling plant
By creating a large number of jobs and promoting a green economy, the initiative is important in establishing Vietnam as a global hub for the circular textile sector.
10:52, 2025/02/13
Samsung plans to invest in AI, semiconductors in Vietnam
Vietnam will continue improving its investment environment and driving strategic breakthroughs in order to usher in a new era of economic development.
17:20, 2025/02/07
Vietnam's data center construction costs among the lowest in Asia Pacific
The country has a lot of potential to become one of the most important data markets in the region.
21:05, 2025/02/03
Bright prospects for FDI inflows into Vietnam in 2025
Market size, growth potential, low labor costs, and stable political and social conditions continue to be Vietnam’s selling points in attracting foreign investors.