PV Power to hold first annual general meeting on June 26
PetroVietnam Power (PV Power), a subsidiary of Vietnam National Oil and Gas Group (PetroVietnam), is scheduled to hold its first ever annual general meeting on June 26, following the company`s initial public offering (IPO) in January.
The meeting is expected to discuss PV Power's potential listing on the Ho Chi Minh Stock Exchange, announced the electricity firm.
Illustration photo.
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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 from the IPO.
Consequently, PV Power is capitalized 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.
According to estimates by Ho Chi Minh City Securities Corporation (HSC), PV Power's net sales in 2017 stood at VND31.5 trillion (US$1.38 billion), up 12% year-on-year, while its after-tax profit was reported at VND1.9 trillion (US$83.6 million), up 25%.
Vietnam is projected to be one the fastest growing electricity markets in Southeast Asia, as the electricity demand in the next three years is forecast to grow 10% on an annual basis, higher than the regional average of 7.3%, stated the National Power Development Plan 7 for the period of 2016 - 2030.
PV Power, thus, expects to increase its current supply of 12% of the country's total electricity production to 15% by the end of 2026. Under its own assumptions, by that time, PV Power's electricity generation capacity will increase by 160% from 4,208 to 10,958 megawatts, mainly thanks to the construction of thermal power plants.
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