EVN pulls the plug on non-essential business operations
EVN pulls the plug on non-essential business operations
Electricity of Viet Nam (EVN) is withdrawing its capital from several non-core businesses, especially in banking and real estate sectors, it said in a report released yesterday.
The group is required to complete its plans to withdraw capital from several non-core businesses by 2015.
In the first six months of the year, EVN has focused on divestment of An Binh Commercial Joint Stock Bank (ABBank), Global Insurance Company (GIC), Sai Gon Vina Real Estate Company, Central Power Real Estate Joint Stock Company (LEC), and EVN Investment and Construction Joint Stock Company.
EVN and its members have completed their development plans in the 2012-15 period with a vision to 2020 and has submitted them for approval.
It also approved production and business plans of five companies in the period, including saving and using electricity efficiently in the years of 2013-15; saving costs in management, production, business and investment; restructuring the National Power Transmission Corporation and other five electricity companies.
The group handed over authority, capital and assets to generation companies (GENCO).
The Ministry of Industry and Trade has asked EVN to take responsibility for its debts and other assets as well as to ensure business effectiveness.
It also required the group to withdraw all capital from real estate and banking industries.
vietnamnews
