PetroVietnam Power Corporation (PV Power) has appointed 51-year-old Le Nhu Linh as the firm’s new general director.

Linh also becomes the latest member of PV Power’s management board and represents the State to control State capital that the parent firm – the Vietnam National Oil and Gas Group (PetroVietnam or PVN) – has in PV Power.

The decision was made during PV Power’s extraordinary shareholders’ meeting on Friday and will take effect from December 1.

Linh had been the management board chairman of PetroVietnam Gas Corporation – another member of PVN – since 2013.

Linh was the management board chairman of the PetroVietnam Drilling and Well Services Corporation (PV Drilling) in 2009-10 and chairman of the member board at PetroVietnam Oil Corporation (PV Oil) in 2010-13.

At the meeting, PV Power’s shareholders also relieved Nguyen Xuan Hoa of the chairmanship of the firm. Hoa was also relieved as the State capital representative at PV Power.

Hoa had been appointed as the deputy general director of PVN in early October 2018.

PV Power is trading more than 2.34 billion shares on the Vietnamese equity markets, including 407.8 million shares traded on the Unlisted Public Company Market (UPCoM) with code POW.

The company shares ended Friday flat at VND14,400 (US$0.64) per share, making its total market capitalisation on UPCoM VND6.73 trillion ($299.4 million).

PV Power has submitted its portfolio to the Ho Chi Minh Stock Exchange (HoSE) to list its 2.34 billion shares on the southern bourse, ending trading on UPCoM.

As of Friday, the company’s total market capitalisation based on its total outstanding shares was VND33.7 trillion ($1.5 billion). The company could become one of the 20 largest companies on HoSE by market capitalisation.

According to the company’s management board chairman Ho Cong Ky, HoSE had approved most of the required documents and PV Power expected to move shares from UPCoM to HoSE in December.

PV Power posted nearly VND7 trillion in third-quarter revenue and VND17.8 trillion in nine-month revenue. Electricity sale accounted for 96 per cent of its total nine-month revenue.

The company posted VND184 billion in third-quarter post-tax profit and VND1.47 trillion in three-quarter post-tax profit. — VNS