The electricity producer PetroVietnam Power Corporation (PV Power) plans to hold its first initial public offering (IPO) and seek strategic partners this year, PV Power’s representative told vneconomy.vn.

With the net asset value of more than VND71 trillion (US$3.1 billion), this IPO is considered as one of the largest events on the stock market in 2017.

The representative also provided the corporation’s business results for the period 2014-2016.

In terms of revenue, PV Power reached VND24.4 trillion in 2014, VND23.2 trillion in 2015 and VND27.4 trillion in 2016. The group increased its revenue in 2016 by taking over the operation of Vung Ang 1 Thermal Power Plant.

PV Power’s net profits for the three years were VND2.8 trillion, VND2.6 trillion and VND1.6 trillion respectively. Profits in 2014 and 2015 were much higher than in 2016 thanks to irregular profit from the previous years.

Earlier, the Wall Street Journal reported the Viet Nam Government planned to sell part of its ownership in PV Power to foreign investors. The deal would reduce the State’s capital in PV Power to below 50 per cent and generate some $932 million for the Government to make investment in other power projects.

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 Việt Nam (EVN).

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