TTC Phong Dien solar power plant. Nearly 204 million shares of Gia Lai Electricity JSC will start trading on the Ho Chi Minh Stock Exchange on September 19. — Photo geccom.vn

The Ho Chi Minh Stock Exchange has approved the listing of nearly 204 million shares of Gia Lai Electricity Joint Stock Company under the code GEG.

The first trading day is September 19 at the reference price of VND27,490 (US$1.18) per share, slightly higher than its closing price of VND27,400 on the Unlisted Public Company Market (UPCoM) on Wednesday.

As of August 26, 2019, the company has four major shareholders with combined holding of 70.54 per cent of its charter capital. Ben Tre Aquaproduct Import and Export holds is the biggest stakeholder with 19.27 per cent; Thanh Thanh Cong Investment JSC owns 18.12 per cent; and other two foreign companies – AVH Pte Ltd, 19.16 per cent and IFC, 13.99 per cent.

Gia Lai Electricity posted positive business results in the first half of this year with revenues surging 126 per cent on-year to VND513.5 billion ($22 million) and net profit increasing 75.6 per cent to VND157 billion ($6.7 million).

The company currently owns 14 hydropower plants directly and indirectlywith a total operating capacity of 85.1MW in the Central and Central Highlands regions. Last year, it put into operation TTC Phong Dien solar power plant with capacity of 48MWp (kilowatt-peak) in Thua Thien-Hue Province and 69MWp Krong Pa solar power plant in Gia Lai Province. — VNS