Power Generation Corporation 3 (Photo courtesy of EVN)Hanoi (VNA) - The Power Generation Corporation 3 (Genco 3) willput more than 267 million shares, accounting for 12.8 percent of its chartercapital, up for sale in its initial public offering (IPO) in February 2018.
The shares will be listed on the HCM StockExchange (HOSE) with the initial auction price of 24,600 VND (1.08 USD) pershare. Genco 3, which is fully owned by Electricity of Vietnam (EVN), expectsto receive 6.6 trillion VND (290.7 million USD) from the IPO.
EVN on December 28 said Deputy PrimeMinister Vuong Dinh Hue signed Decision 2100/QĐ-TTg approving the privatisationplan of Genco 3 one day ealier.
The approved privatisation plan is tomaintain its current State-owned capital and issue shares to increase itschartered capital.
Genco 3’s charter capital is 20.8 trillion VND, 51 percent of which will beowned by EVN. The corporation has a value of around 52 trillion VND (2.3billion USD).
According to the plan, 36 percent of GENCO 3’s charter capital or 749.1 millionshares would be sold to strategic investors. In addition to financial capacity,the strategic investors are required to have ability of management and powerplant operation or being a joint venture with another investor whose have theabove skills, EVN said.
The investors need to have commitment in writing for long-term cooperation andsupport to Genco 3 after its privatisation in improving management andfinancial capacity as well as transferring new technologies, human resourcetraining and fuel supply.
Some 0.16 percent of its shares would be sold to labourers.
EVN would divest its capital at Genco 3 to less than controlling level after2019 if EVN and the corporation were successful in restructuring its debts andnegotiating with lenders.
Genco 3 is one of the three power generation corporations under EVN’smanagement. It has capacity of 6,304 MW, accounting for 16 percent of thecountry’s total electricity system.
By the end of 2015, Genco 3’s total revenue was 28.5 trillion VND and profitwas 246 billion VND.
It has been operating Phu My 1, Phu My 2.1and 2.1MR, Phu My 4 power plants; Vinh Tan 2 and Mong Duong 1 thermo-powerplants; Tua Srah, Kuop, Srepok 3 hydro-power plants.
It also holds shares at Ba Ria, Ninh Binh, ThuDuc, Thac Ba and Vinh Son Song Hinh power plants.
Genco 3 has been the strongest unit inEVN’s power generation corporations.
Dinh Quang Tri, EVN’s deputy general directorsaid many potential investors from Japan, the Republic of Korea, the MiddleEast and Thailand were meeting with the group.
Genco 3’s privatisation together with Binh SonRefinery, PV Oil and PV Power would provide a big supply in the auctions ofState-owned firms in the coming months. - VNA
The shares will be listed on the HCM StockExchange (HOSE) with the initial auction price of 24,600 VND (1.08 USD) pershare. Genco 3, which is fully owned by Electricity of Vietnam (EVN), expectsto receive 6.6 trillion VND (290.7 million USD) from the IPO.
EVN on December 28 said Deputy PrimeMinister Vuong Dinh Hue signed Decision 2100/QĐ-TTg approving the privatisationplan of Genco 3 one day ealier.
The approved privatisation plan is tomaintain its current State-owned capital and issue shares to increase itschartered capital.
Genco 3’s charter capital is 20.8 trillion VND, 51 percent of which will beowned by EVN. The corporation has a value of around 52 trillion VND (2.3billion USD).
According to the plan, 36 percent of GENCO 3’s charter capital or 749.1 millionshares would be sold to strategic investors. In addition to financial capacity,the strategic investors are required to have ability of management and powerplant operation or being a joint venture with another investor whose have theabove skills, EVN said.
The investors need to have commitment in writing for long-term cooperation andsupport to Genco 3 after its privatisation in improving management andfinancial capacity as well as transferring new technologies, human resourcetraining and fuel supply.
Some 0.16 percent of its shares would be sold to labourers.
EVN would divest its capital at Genco 3 to less than controlling level after2019 if EVN and the corporation were successful in restructuring its debts andnegotiating with lenders.
Genco 3 is one of the three power generation corporations under EVN’smanagement. It has capacity of 6,304 MW, accounting for 16 percent of thecountry’s total electricity system.
By the end of 2015, Genco 3’s total revenue was 28.5 trillion VND and profitwas 246 billion VND.
It has been operating Phu My 1, Phu My 2.1and 2.1MR, Phu My 4 power plants; Vinh Tan 2 and Mong Duong 1 thermo-powerplants; Tua Srah, Kuop, Srepok 3 hydro-power plants.
It also holds shares at Ba Ria, Ninh Binh, ThuDuc, Thac Ba and Vinh Son Song Hinh power plants.
Genco 3 has been the strongest unit inEVN’s power generation corporations.
Dinh Quang Tri, EVN’s deputy general directorsaid many potential investors from Japan, the Republic of Korea, the MiddleEast and Thailand were meeting with the group.
Genco 3’s privatisation together with Binh SonRefinery, PV Oil and PV Power would provide a big supply in the auctions ofState-owned firms in the coming months. - VNA
VNA
