|Ho Cong Ky – Chairman of the Board of Directors of PV Power speaks at the meeting. (Photo: Hong Quang)
As many as 2,341,871,600 shares with the code POW will be listed on the southern bourse at a price of VND10,000 (43.79 US cents). In total, this move is expected to gain market capitalisation of over VND23.418 trillion (US$1.02 billion), PetroVietnam Power Corporation (PV Power) stated at a meeting held in Hanoi on January 8.
The listing of PV Power gained the approval of the Ho Chi Minh City Stock Exchange (HoSE) last December. Back in January 2018, PV Power made VND6.99 trillion ($306 million) from selling 468.37 million shares via its initial public offering, equivalent to some 20 per cent of its charter capital.
This year the business plans to execute the feasibility study of liquefied natural gas (LNG) - fired Nhon Trach 3 and Nhon Trach 4 power plants while speeding up negotiations on LNG supply deals, purchase power agreement, and the allocation of capital for the two power stations as scheduled.
The two LNG-fired power plants, with a combined capacity of up to 1,500 MW, were added to the revised national power plan VII following a decision issued by the government last year. The firm has so far finalised the pre-feasibility study of these plants.
PV Power plans to foster its restructuring and divestment from its subsidiaries in conformity with the approved scheme in 2019 while putting a focus on allocating financial resources to carry out the corporation’s growth targets.
The corporation will strive to generate some 21.6 billion kWh throughout 2019, expecting to reap more than VND32.769 trillion (US$1.43 billion) in revenues and VND2.275 trillion (US$99.62 million) in after-tax profits.
Last year, PV Power produced over 21 billion kWh and earned VND33.363 trillion (US$1.46 billion), 6% higher than the figure set for the year. PV Power also raked in VND2.351 trillion (US$102.9 million) in pre-tax profits.