EVN to complete divestment in 2019

Vietnam Electricity (EVN) expects to complete its divestment from both core and non-core businesses this year.

evn to complete divestment in 2019 hinh 0
Illustrative image (Photo: VNA)

The company recently said it completed capital withdrawal and reduction at two out of its six firms, earning more than 296 billion VND (12.7 million USD), which was 63 billion VND higher than the book value.

In 2011-2015, EVN completed divestment from its non-core businesses, earning 2.3 trillion VND and capital surplus of 127 billion VND.

It also completed the re-arrangement and restructuring of its subsidiaries toward specialising electricity production, generation and distribution works.

Last year, EVN transformed Power Generation Corporation 3 (GENCO 3) into a joint stock company which then was traded on UpCom with the code of PGV.

The group said it has been rushing to approve the restructuring plan of its nine subsidiaries, separating management and repair services, and rearranging power companies and the National Load Dispatch Centre.

In addition, all of its member and associated companies were eligible to list and trade on the stock market.

It has also gradually innovated administration model following international standards and set up international control systems from the parent company to subsidiaries to prevent risks.

EVN is also building a project to pilot a competitive retail power market, which will be submitted to the Ministry of Industry and Trade for approval in July.

The information and technology infrastructure to serve wholesale power market is expected to be ready in 2020.

EVN and its subsidiaries have provided timely and adequate business information, leading to a BB rating from Fitch Rating, equal to the country’s rating.

VNA

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