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PV Power cancels UPCoM listing this week

The PetroVietnam Power Corporation (PV Power) will cancel the trading of more than 467.8 million shares on the Unlisted Public Company Market (UPCoM) on December 28, the Hanoi Stock Exchange (HNX) has announced.

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pv power cancels upcom listing this week hinh 0

The delisting from UPCoM, which happens after nine months of listing, will serve its relocation to the Ho Chi Minh Stock Exchange (HOSE). The last trade of PV Power, coded POW, will take place on December 27.

PV Power debuted more than 467.8 million shares on UPCoM on March 6, 2018, a little more than a month after its initial public offering on January 31.

POW is trading around VND14,800 (US$0.63) per share, a 15.4% discount compared to its debut price of VND17,500 on its first trading day.

The power arm of the Vietnam Oil and Gas Group (PetroVietnam) will list all of its 2.34 billion shares, equivalent to charter capital of more than VND23.4 trillion, on HOSE under the same ticker POW. The new listing, expected to take place in early 2019, will help facilitate the company’s access to domestic and foreign capital.

The company estimates its total electricity output of the system in 2018 will reach more than 21 billion kWh. Its total revenue will likely hit VND33.36 trillion (US$1.43 billion) by year-end, exceeding the yearly target by 6%.

This year, pre-tax profit of the whole corporation is expected to reach more than VND2.3 trillion (US$98.7 million) with pre-tax profit of the parent company being VND2.57 trillion (US$110.2 million), surpassing its yearly goal of 24%.

The company is projected to pay VND1.36 trillion (US$58.3 million) to the State budget, equivalent to 110% of its yearly estimate.

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