PV Power cancels UPCoM listing this week

PetroVietnam Power Corporation (PV Power) will cancel the trading of more than 467.8 million shares on the Unlisted Public Company Market (UPCoM) this Friday, the Ha Noi Stock Exchange has announced.

 

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, is Thursday.

PV Power debuted more than 467.8 million shares on UPCoM on March 6 this year, 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-per-cent discount compared to its debut price of VND17,500 on its first trading day.

The power arm of 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 by year-end, exceeding the yearly target by 6 per cent.

This year, pre-tax profit of the whole corporation is expected to reach more than VND2.3 trillion with pre-tax profit of the parent company being VND2.57 trillion, surpassing its yearly goal of 24 per cent.

The company is projected to pay VND1.36 trillion to the State budget, equivalent to 110 per cent of its yearly estimate.

In addition to PV Power, many large companies on UPCoM have plans to change their listings to HOSE next year, including Vietnam Airlines (HVN), Viet Nam Engine and Agricultural Machinery Corporation (VEA), Minh Phu Seafood Corp (MPC), Maritime Bank (MSB) and Loc Troi Group (LTG).

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