The Electricity of Vietnam (EVN) will auction its entire stake of nearly29 percent, or about 11.48 million shares, in An Binh SecuritiesCompany on June 4.
The firms said in their online statements thatthe auction is open to both domestic and foreign investors. The shareshave a combined value of some 114.87 billion VND (5.47 million USD) andwill be bid at an initial price of 10,000 VND (48 cents) per share,equivalent to their face value.
EVN management board ChairmanHoang Quoc Vuong said the An Binh stake accounted for 0.08 percent ofthe EVN's charter capital of 143.40 trillion VND (6.83 billion USD). Theauction is part of the roadmap of the electricity company to divestfrom non-core businesses.
In 2014, EVN completed divestments fromLand Sai Gon and Land Central property companies, and partiallywithdrew from EVN Finance. It fetched EVN 691 billion VND (32.90 millionUSD) after it exited these businesses, finishing about 40.8 percent ofall capital it was supposed to divest following its reorganisationplans.
EVN leaders said the company was determined to totallywithdraw from the banking, finance and insurance areas this year – thefinal year for it to accomplish the 2012-15 restructuring scheme, asrequired by the government.
This year, it would completedivestments from An Binh Bank and Global Insurance Company, as well asEVN Finance. It would also reduce its stakes in several mechanicalfirms, besides submitting a plan to privatise the Power GenerationCorporation 3 (Genco 3) to the Ministry of Industry and Trade forconsideration.
Prime Minister Nguyen Tan Dung asked EVN to becomea strong economic group by 2015, and tasked it to accelerate investmentin the national grid and regulate the trade of electricity to assureadequate power supply for the nation by 2030.
"Although more andmore private investors have taken part in the electricity sector, EVNstill plays a decisive role in supplying power for the economy. Thus,its demand for capital will still be great in the coming years," said ajoint EVN and An Binh report.
EVN is reportedly building aproject to increase labour productivity and enhance production andbusiness efficiency for the next five years, and this scheme is expectedto be presented to the prime minister for approval by the end of thisyear.-VNA
The firms said in their online statements thatthe auction is open to both domestic and foreign investors. The shareshave a combined value of some 114.87 billion VND (5.47 million USD) andwill be bid at an initial price of 10,000 VND (48 cents) per share,equivalent to their face value.
EVN management board ChairmanHoang Quoc Vuong said the An Binh stake accounted for 0.08 percent ofthe EVN's charter capital of 143.40 trillion VND (6.83 billion USD). Theauction is part of the roadmap of the electricity company to divestfrom non-core businesses.
In 2014, EVN completed divestments fromLand Sai Gon and Land Central property companies, and partiallywithdrew from EVN Finance. It fetched EVN 691 billion VND (32.90 millionUSD) after it exited these businesses, finishing about 40.8 percent ofall capital it was supposed to divest following its reorganisationplans.
EVN leaders said the company was determined to totallywithdraw from the banking, finance and insurance areas this year – thefinal year for it to accomplish the 2012-15 restructuring scheme, asrequired by the government.
This year, it would completedivestments from An Binh Bank and Global Insurance Company, as well asEVN Finance. It would also reduce its stakes in several mechanicalfirms, besides submitting a plan to privatise the Power GenerationCorporation 3 (Genco 3) to the Ministry of Industry and Trade forconsideration.
Prime Minister Nguyen Tan Dung asked EVN to becomea strong economic group by 2015, and tasked it to accelerate investmentin the national grid and regulate the trade of electricity to assureadequate power supply for the nation by 2030.
"Although more andmore private investors have taken part in the electricity sector, EVNstill plays a decisive role in supplying power for the economy. Thus,its demand for capital will still be great in the coming years," said ajoint EVN and An Binh report.
EVN is reportedly building aproject to increase labour productivity and enhance production andbusiness efficiency for the next five years, and this scheme is expectedto be presented to the prime minister for approval by the end of thisyear.-VNA
