PV Power set for August IPO

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PetroVietnam Power Corporation (PV Power) decided to make its initial public offering (IPO) this August, the electricity producer announced.

PetroVietnam Power Corporation (PV Power) decided to make its initial public offering (IPO) this August, the electricity producer announced.— Photo cafef.vn

PetroVietnam Power Corporation (PV Power) decided to make its initial public offering (IPO) this August, the electricity producer announced.

The amount of shares offered for the public sale accounts for just 3-4 per cent of its capital.

It also plans to sell a 45 per cent stake to long term strategic investors this year and can upstake to 60 per cent, depending on the approval of the Government.

The total sale of 49 per cent stake could fetch about US$600 million for this power producer.

PV Power has met some strategic investors such as VinaCapital Investment Management Ltd., BNP Paribas, Standard Chartered, Deloitte, Indochina Capital Corporation and Dragon Capital.

PV Power is a member company of the Viet Nam Oil and Gas Group (PVN) and is currently the second largest power supplier in Viet Nam, behind Electricity of Viet Nam (EVN).

The corporation has targeted revenue of VND29 trillion ($1.29 billion) in 2017, a year-on-year increase of 9.3 per cent. — VNS

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