Tan Xuan Hien, chairman of Gia Lai Electricity Company, receives the listing licence from Nguyen Vu Quang Trung (right), deputy CEO of the Ho Chi Minh Stock Exchange. — Photo courtesy of HoSE

Gia Lai Electricity Joint Stock Company officially listed its shares on the HCM Stock Exchange on Thursday at a reference price of VND27,490 (US$1.18).

Established in 1989, the company, formerly Gia Lai Kon Tum Hydroelectric Company, has a charter capital of VND2.038 trillion ($87.8 million).

Its main businesses include electricity production and trading, providing technical services, construction, installation, and manufacture and import and export of electrical machinery and equipment.

Speaking at the exchange, Tan Xuan Hien, the company chairman, said the listing would help promote the company’s image and prestige and facilitate further capital mobilisation down the line.

It also provides motivation to develop further and improve corporate governance and transparency in line with international standards, he added.

The company owns directly or indirectly 14 hydropower plants with a total capacity of 85.1MW in the central and Central Highlands regions.

Last year it began operation of the 48MWp TTC Phong Dien solar power plant in Thua Thien-Hue Province and 69MWp Krong Pa solar power plant in Gia Lai Province.

The company’s revenues have grown significantly in the last two years to reach VND559 billion ($24.07 million) last year when after-tax profit was VND187 billion ($8.05 million).

In the first half of this year its revenues and after tax-profit were VND513 billion ($22.09 million) and VND157 billion ($6.76 million). — VNS