PV Power to list 2.34 billion shares on HSX
PV Power to list 2.34 billion shares on HSX
PetroVietnam Power Corporation (PV Power), Vietnam’s second largest electricity producer, plans to complete the listing of 2.34 billion shares on the Ho Chi Minh City Stock Exchange (HSX) in this quarter.
Listing its shares will help PV Power to approach investment capital from both local and foreign investors to develop its projects.
Previously, the prime minister approved the proposal of PV Power to take over Nhon Trach 3 and 4 thermal power plants from PetroVietnam after collecting the opinions of ministries and relevant authorities.
According to the plan, the two thermal power plants will cover an area of 34 hectares and have the total investment capital of VND33.3 trillion ($1.45 billion), with the generation capacity of 750-800MW each.
Nhon Trach 3 will occupy nearly 16.6ha, while the second power plant will spread over an area of 17.4ha (excluding the complex area, water surface, and public service buildings).
They will use liquefied natural gas (LNG) sourced from the Thi Vai storage terminal.
Nhon Trach 3 is expected to come into commercial operation in 2020, while Nhon Trach 4 is due for 2022.
PV Power will spend VND9.99 trillion ($434.35 million) of its equity and VND23.31 trillion ($1.01 billion) from loans to develop the two projects.
In late January, PV Power organised a successful IPO by selling all shares on offer and acquiring VND6.99 trillion ($303.9 million) in proceeds.
PV Power’s success came as no surprise because the company has been reporting stable, increasing revenue and profit figures.
In the third quarter of this year, PV Power reported a net revenue of VND6.96 trillion ($302.6 million) and net profit of VND147 billion ($6.39 million).
Regarding the accumulated business results of the first three quarters of this year, PV Power acquired VND24.78 trillion ($1.08 billion) in net revenue and VND1.78 trillion ($77.39 million) in pre-tax profit. Its net profit reached VND1.39 trillion ($60.4 million).
As of the end of September, PV Power reported total asset of VND61.4 trillion ($2.67 billion), VND7.17 trillion ($311.7 million) of which were short-term assets.
