The Ho Chi Minh Stock Exchange (HoSE) on Monday approved the listing of PetroVietnam Power Corporation (PV Power) on the southern bourse.

PV Power will list more than 2.34 billion shares on the southern bourse with code POW – the same ticker it has on the Unlisted Public Company Market (UPCoM).

The company is trading more than 467.8 million shares on UPCoM. It debuted on the market on March 6 at VND17,500 (US$0.77) per share.

After the debut, the company shares declined as much as 38 per cent to hit a nine-month low of VND11,000 per share on July 12-17.

PV Power shares then gained 52 per cent to touch their second-highest value of VND16,700 per share on September 28.

But its shares have been volatile since the end of the third quarter, losing 10.2 per cent to end Tuesday at VND15,000 per share.

The trading of PV Power on UPCoM came after the company on January 31 sold the amount of UPCoM shares at its initial public offering (IPO) for nearly VND7 trillion ($307.3 million).

PV Power has charter capital of more than VND23.4 trillion with the National Oil and Gas Group (PVN) the biggest shareholder with a nearly 80 per cent ownership.

In the past quarter, PV Power earned nearly VND7 trillion in revenue, raising the total number for the first nine months to more than VND17.8 trillion. — VNS