PV Power is proceeding to shift its listing from the Unlisted Public Company Market (UPCoM) on the Ha Noi Stock Exchange to the Ho Chi Minh Stock Exchange, which is expected to be completed in October or November.

The company is completing the procedures and will likely finish in a few weeks, according to Saigon Securities Inc’s research.

The Ho Chi Minh Stock Exchange is Viet Nam’s main bourse, attracting most of the country’s largest companies. Its daily liquidity is often five to six times higher than that on the Ha Noi Stock Exchange.

The research also reported the Government is planning to sell a 29-per-cent stake in PV Power, cutting State ownership in the power company to 51 per cent, without disclosing the divestment time. The selling price will be based on the valuation analysis and not less than the market price, the research said.

PV Power successfully sold more than 468 million shares, or 20 per cent of its capital, in its first public offering (IPO) on January 31 this year, of which foreign investors combed about 60 per cent of the share offer.

The company earned nearly VND7 trillion (US$300.4 million) from the sale.

PV Power is the second-largest electricity producer in Viet Nam behind EVN, operating eight power plants with total capacity of 4.2GW.

At the end of August, PV Power posted consolidated revenues of VND21.66 trillion, completing 73 per cent of its target set for the whole year.

Alongside the strong growth of the oil and gas stocks in recent time, the price of PV Power, coded POW on the UPCoM, has risen nearly 50 per cent in the past two months and is being traded at around VND16,200 per share. — VNS