PVPower to divest entirely from eight affiliates

Saturday, Jan 16, 2021 07:56

Engineers at Nhon Trach 2 Petroleum, a member unit of PetroVietnam Power Corporation (PV Power). — VNA/VNS Photo Huy Hung

PetroVietnam Power Corporation has announced plans to divest from several of its member units, including eight subsidiaries it wants to sell its entire stake in, according to a statement from the Board of Directors.

PVPower (POW) plans to divest all capital from Nam Chien Hydropower, Song Hong Energy, Petroleum Urban Development; Song Tranh 3 Hydropower, EVN International, Petroleum Mechanical and Electrical, Vietnam - Laos Electricity, and Petroleum Equipment - Machinery.

In 2021 - 2025, it aims to reduce holdings to at least 51 per cent in Hua Na Hydropower, Nhon Trach 2 Petroleum, PV Power Service, and PV Power REC.

POW will also divest from DakDrinh Hydropower to less than 65 per cent of the capital or the entire contributed capital.

As of the end of September 2020, PVPower reported VND21.79 trillion in revenue, down 17 per cent year-on-year and an after-tax profit at VND1.48 trillion, down 40 per cent from a year ago. — VNS

Comments (0)