EVN to withdraw from electrical equipment company

Wednesday, Mar 21, 2018 18:41

Engineers at Dong Anh Electrical Equipment Corporation (EEMC) test new devices at the company. — Photo eemc.com.vn

Viet Nam’s power group, Electricity of Viet Nam (EVN), will sell its 13.13 million shares, or 46.47 per cent stake, in Dong Anh Electrical Equipment Corporation JSC (EEMC).

The sale of shares will be carried out through the order-matching method on the Unlisted Public Company Market (UPCoM) between April 2-27.

The deal is to comply with the Government’s policy on restructuring subsidiaries of EVN during 2017-20.

EEMC is trading more than 28 million shares on UPCoM with code TBD.

In 2017, EEMC recorded VND2.9 trillion (US$129.5 million) in total revenue, a yearly increase of 34 per cent, but its post-tax profit fell slightly to VND111 billion from VND113.5 billion in 2016.

The company shares started trading on UPCoM on October 15, 2014, and gained 0.94 per cent on Wednesday morning to reach a record high of VND43,000 ($1.91) per share.

EVN had earlier announced it would sell its entire 40.5 per cent stake in the Thu Duc Electro-Mechanical JSC as well.

If EVN succeeds in offloading its ownership in the two electrical companies, it will only hold stakes in four other listed companies, which are Power Engineering Consulting JSC 1, 2, 3 and 4. — VNS

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