SCIC to sell all shares in thermal power firm

Monday, Nov 18, 2019 16:48

An aerial view of Quang Ninh Thermal Power plant. — Photo

The State Capital Investment Corporation (SCIC) wants to sell all of its 51.4 million shares in Quang Ninh Thermal Power JSC.

The shares are equal to SCIC’s 11.42 per cent stake in the latter. SCIC hopes to offload the shares at VND23,800 (US$1.03) each, valuing the deal at VND1.22 trillion.

The sale will take place on December 5 at the Ha Noi Stock Exchange (HNX).

Potential investors have until December 4 to submit their bidding profiles and deposits for the deal at the HNX.

SCIC is now the third biggest shareholder in the northern thermal power firm. The other two are Power General Corporation 1 and Pha Lai Thermal Power JSC, which respectively hold 42 per cent and 16.35 per cent.

Quang Ninh Thermal Power JSC is listing 450 million shares on the HNX with code QTP.

The company's shares soared 12.5 per cent to VND12,600 per share on Monday.

In the January-September period, the firm earned VND7.38 trillion ($319 million) in total net revenue, which was up 13 per cent year on year.

Pre-tax profit was VND264 billion in the nine-month period, which was a big difference from its nine-month loss of VND35.2 billion in 2018.

As of September 30, 2019, the firm recorded total assets of more than VND11 trillion, including VND6.67 trillion worth of liabilities. — VNS

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