EVN sells 6.5% stake of its financial arm for $10 million
Vietnam Electricity (EVN) has sold 16.25 million shares of its financial arm EVN Finance Joint Stock Company (EVN Finance) for more than VND219 billion (US$9.6 million) in an auction on the Ha Noi Stock Exchange on Friday.
Vietnam Electricity (EVN) has sold 16.25 million shares of its financial arm EVN Finance Joint Stock Company (EVN Finance) for more than VND219 billion (US$9.6 million) in an auction on the Ha Noi Stock Exchange on Friday.
The number of shares sold was lower compared to its offering of 18.75 million shares.
The sale is in line with the company’s plan of divesting from EVN Finance this year.
At the auction, two individual investors bought 16.25 million shares at the price of VND13,480 (59 US cents) per share, a 55 per cent premium over its trading price on the market.
EVN Finance was established in 2008 with an initial charter capital of VND2.5 trillion. Its main task is to arrange capital for electricity projects of EVN and its member units, and provide professional financial service products for units operating in the power sector and those from other economic sectors.
The firm has targeted total revenue of VND1.64 trillion and pre-tax profit of VND280 billion in 2019, up 28.5 per cent and 10.35 per cent, respectively, compared to 2018.
Its shares (EVF), traded on the Unlisted Public Company Market (UPCoM), closed Friday at VND8,700 per share. — VNS
