Vietnam Electricity says completely divested from realty sector

Vietnam Electricity says completely divested from realty sector

Vietnam Electricity, commonly known as EVN, has completely divested from its real estate business, which is considered a non-core sector and has been making losses, the state-run company said in a report on Wednesday.

The power utility has withdrawn all of its shares from the Land Saigon and Land Mien Trung realty developers via public auction. The shares were eventually bought at a price higher than their listed value, according to EVN.

EVN will have to divest from seven joint stock companies from now until the end of next year, under a restructuring plan intended to have its investments withdrawn from businesses not related to electricity.

In the report, which summarizes business results in the first half of this year, EVN also said it had transferred one million shares from the Toan Cau Insurance Co. to International ERGO, reducing its stake at the insurance company from 22.5 percent to 20 percent.

The country’s power monopoly currently holds a 16.02 percent stake of the An Binh joint stock bank, down from 21.27 percent, after transferring 25.2 million shares to Hanoi-based Geleximco, according to the report.

“We are completing procedures for further divestment at An Binh bank,” the company said.

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