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

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 / Opportunities
Vietnam’s PV Power to list 2.34 billion shares on January 14
Ngoc Mai 17:32, 2019/01/04
The benchmark price in the first trading session is set at VND14,900 (US$0.65), while the actual price could fluctuate in a band of +/-20% of the benchmark price.
PetroVietnam Power (PV Power), a subsidiary of Vietnam National Oil and Gas Group (PetroVietnam), is scheduled to list its entire 2.34 billion shares on January 14, according to the Ho Chi Minh City Stock Exchange (HoSE). 
 
Illustrative photo.
Illustrative photo.
With a par value of VND10,000 (US$0.43), the total value of the share amount in subject is VND23.41 trillion (US$1 billion).

The benchmark price in the first trading session is set at VND14,900 (US$0.65). The actual price could fluctuate 20% on both side of the benchmark price.

Previously, PV Power cancelled its entire 467.8 million shares on the Unlisted Public Company Market (UPCoM), part of the plan moving to HoSE.  

The stock of PV Power (coded POW) ended at VND16,000 (US$0.69) a share on the UPCoM at the final trading session on December 27, 2018. 

PV Power’s charter capital is VND23.41 trillion (US$1 billion), in which PetroVietnam is the largest shareholder with a 51% stake. 

The government in January raised US$308 million (VND6.996 trillion) by selling a 20% stake of PV Power in the initial public offering (IPO). With 468 million shares offered and an 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. 

In February, more than 467 million shares were listed on UPCoM at reference price of VND14,900 (US$0.65) apiece.  

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

Under the equitization scheme, PetroVietnam planned to offer 676 million shares or a 29% stake to strategic investors. Once completing the privatization process, PVN would retain a 51% stake in PV Power, and the rate could go down in 2019 depending on PV Power’s restructuring process. 

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. 
Comments
Other news
16:32, 2024/04/04
Vietnam among top investment destinations for SEA investors
The top three neighboring countries whose companies are eager to expand their operations in Vietnam are Thailand (66%), Malaysia (58%), and Indonesia (55%).
15:21, 2024/03/08
Vietnam looks to support FDI firms as global minimum tax looms
The move is aimed at attracting foreign capital from future investors and protecting existing businesses.
19:45, 2024/03/06
Factors unlocking Vietnam’s potential in FDI attraction: HSBC
The strategy to attract more FDI should begin with understanding and assessing the competitive landscape between Vietnam and other Southeast Asian countries.
15:17, 2024/03/04
Opportunity at hand: Leveraging global minimum tax for FDI attraction
2024 is a pivotal year, opening up new opportunities for Vietnam to attract high-quality foreign investment.
13:36, 2024/02/21
Intel boosts Vietnam’s semiconductor workforce for ambitious goals
Kim Huat Ooi, Vice President of Manufacturing, Supply Chain and Operations and General Manager of Intel Products Vietnam, spoke to The Hanoi Times about Vietnam's semiconductor ambitions and Intel's contribution to making the country a global manufacturing and R&D hub.
12:44, 2024/01/19
Vietnam: Leading destination for sustainable investment
Vietnam promised to balance the interests of the government, the general public, and businesses while sharing risks to ensure the legitimate rights of investors.