The Hanoitimes – PetroVietnam Power (PV Power) plans to offer 468.3 million shares of its chartered capital in an initial public offering (IPO) on January 31, that aims to raise at least VND 6.74 trillion (US$296 million), stated in its official website. That said, the number of shares equivalent to 20% of PV Power’s chartered capital will be listed in the Hanoi Stock Exchange with an initial price of VND 14,329 per share (US$ 0.64), indicating the chartered capital at VND 23 trillion (US$ 1.04 billion). PV Power is currently the second largest electricity producer in Vietnam. PV Power is currently the second largest electricity producer in Vietnam after Electricity of Vietnam (EVN) in terms of capacity, thus, its IPO is expected to attract interests from international investors. PV Power will host two roadshows to introduce investment opportunity to potential investors on January 16 in Hanoi and another on January 19 in Ho Chi Minh. At the roadshow, PV Power will provide essential information and answer questions with regard to the equitization process of PV Power. After completing the IPO, PV Power will continue selling 676 million shares to strategic investors, or equivalent to 29% of its chartered capital. Strategic investors have to record positive after-tax profit in the two recent consecutive years and no accumulated loss, while they also have to commit not to transfer shares in 5-year period. PV Power is working with Vinacapital, BNP Paribas, Standard Chartered Bank on the process of equitization and in search… [Read full story]
The shares will be listed on the Hà Nội Stock Exchange (HNX), the northern market regulator said in its Wednesday announcement.The initial auction price for PV Power’s 20 per cent ownership is set at VNĐ14,400 (64 US cents) per share. PV Power expects to receive at least VNĐ6.74 trillion from the IPO, according to HNX.The market capitalisation of PV Power at the share price of VNĐ14,400 is estimated at US$1.48 billion while its charter capital is projected at VNĐ23.4 trillion ($1.04 billion) after the equitisation process is completed.According to HCM City Securities Corp (HSC), the IPO price is not cheap…... [read more]
Vietnam state oil distribution firm PetroVietnam Oil Corp (PV Oil) plans to offer 20 percent of its shares in an initial public offering (IPO) in January that aims to raise at least $92 million, its parent firm said on Friday.PV Oil would also offer up to an additional 44.72 percent to strategic investors and another 0.18 percent to employees, state oil and gas group PetroVietnam said in a statement on its website.The sale is part of Vietnam's broader privatisation program that seeks to divest from hundreds of state-owned enterprises to improve their performance and to help raise funds for the…... [read more]
Vietnam state oil distribution firm PetroVietnam Oil Corp (PV Oil) plans to offer 20 percent of its shares in an initial public offering in January that aims to raise at least $122 million, its parent firm said on Friday. PV Oil would also offer up to an additional 44.72 percent to strategic investors and another 0.18 percent to employees, state oil and gas group PetroVietnam said in a statement on its website.The sale is part of Vietnam's broader privatisation program that seeks to divest from hundreds of state-owned enterprises to improve their performance and to help raise funds for the…... [read more]
According to the Prime Minister’s Decision No 168/2017, PetroVietnam will hold at least 51 per cent of charter capital at PV Power until 2019.However, the corporation still has some loans from foreign credit institutions under the guarantee of the Finance Ministry for implementation of electricity projects. These include loans with deadline after 2019, such as the Vung Ang 1 Thermo-power Plant.Foreign lenders have directed PetroVietnam to continue to maintain its position as the borrower of the loan contracts until 2025 once power plants are transferred to PV Power.It is the reason the ministry asked the PM to permit PetroVietnam to…... [read more]
Illustrative photo (Photo: VNA) Hanoi (VNS/VNA) –The PetroVietnam Power Corporation (PV Power), the country’ssecond-biggest power provider, will offer 20 percent of its total shares forsale at an initial public offering (IPO) in December. Themember company of the Vietnam Oil and Gas Group (PVN) will also sell 29 percentof its capital to strategic investors.Undera previous IPO plan published in April, the company said it would sell 4 percentof shares at the IPO and 45 percent to strategic investors to receive 600-700million USD. Theprevious plan also stated that the IPO would be conducted in August 2017 andthe private offering for strategic investors would…... [read more]
