The Electricity of Vietnam (EVN) successfully divested almost 1 trillionVND (46.7 million USD) from non-core businesses in 2014, according tothe group’s Deputy General Director Dinh Quang Tri.
At theMinistry of Industry and Trade's recent meeting, Tri said EVN sold itsentire stakes in two real estate companies, Saigon Vina Land Co andCentral Power Real Estate Co.
A week ago, EVN also auctioned 62.5million shares in EVN Finance Joint Stock Co, equivalent to 25 percentof its stakes, on the Hanoi Stock Exchange. Tri said around 58 millionshares were sold, and they collected 600 billion VND (28 million USD).
"We will continue to sell stakes here," Tri said.
EVNis the biggest stakeholder in EVN Finance, the second largest financecompany in Vietnam , with holdings of 100 million shares, equivalentto 40 percent of EVN Finance's total capital.
An AugustGovernment decree barred EVN from investing in non-core businesses, suchas banking, finance, securities, insurance, investment funds and realestate.
Early this year, EVN Deputy General Director Duong QuangThanh announced that by 2015 the company will divest capital from sevensubsidiaries: EVN Finance, An Binh Bank, An Binh Securities Co, GlobalInsurance Co, Saigon Vina Land Co, the Central Power Real Estate Co, andVietnam Investment and Power Construction Co.
EVN is now waiting for approval so it can sell its stakes in other companies.
Itis holding nearly 77 million shares in An Binh Bank (ABBank),equivalent to over 16 percent of the bank's capital worth over 100billion VND (4.7 million USD). The company plans to auction all itsstakes, but is awaiting the central bank's directions. The company isexpected to completely divest from the bank this year.
Withregard to its stakes in Global Insurance Co, EVN sold 1 million shares,or 2.5 percent, to International ERGO in 2013. EVN now owns 20 percentof the insurance company. EVN has submitted the divestment plan to theMinistry of Industry and Trade and will sell all its stakes by 2015.
Accordingto the ministry's latest report, EVN's total profit in 2013, includingaffiliates and subsidiaries, reached more than 4.938 trillion VND (230.8million USD). The company estimated that EVN itself will gain almost300 billion VND (14 million USD) in 2014.-VNA
At theMinistry of Industry and Trade's recent meeting, Tri said EVN sold itsentire stakes in two real estate companies, Saigon Vina Land Co andCentral Power Real Estate Co.
A week ago, EVN also auctioned 62.5million shares in EVN Finance Joint Stock Co, equivalent to 25 percentof its stakes, on the Hanoi Stock Exchange. Tri said around 58 millionshares were sold, and they collected 600 billion VND (28 million USD).
"We will continue to sell stakes here," Tri said.
EVNis the biggest stakeholder in EVN Finance, the second largest financecompany in Vietnam , with holdings of 100 million shares, equivalentto 40 percent of EVN Finance's total capital.
An AugustGovernment decree barred EVN from investing in non-core businesses, suchas banking, finance, securities, insurance, investment funds and realestate.
Early this year, EVN Deputy General Director Duong QuangThanh announced that by 2015 the company will divest capital from sevensubsidiaries: EVN Finance, An Binh Bank, An Binh Securities Co, GlobalInsurance Co, Saigon Vina Land Co, the Central Power Real Estate Co, andVietnam Investment and Power Construction Co.
EVN is now waiting for approval so it can sell its stakes in other companies.
Itis holding nearly 77 million shares in An Binh Bank (ABBank),equivalent to over 16 percent of the bank's capital worth over 100billion VND (4.7 million USD). The company plans to auction all itsstakes, but is awaiting the central bank's directions. The company isexpected to completely divest from the bank this year.
Withregard to its stakes in Global Insurance Co, EVN sold 1 million shares,or 2.5 percent, to International ERGO in 2013. EVN now owns 20 percentof the insurance company. EVN has submitted the divestment plan to theMinistry of Industry and Trade and will sell all its stakes by 2015.
Accordingto the ministry's latest report, EVN's total profit in 2013, includingaffiliates and subsidiaries, reached more than 4.938 trillion VND (230.8million USD). The company estimated that EVN itself will gain almost300 billion VND (14 million USD) in 2014.-VNA
