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PV Power to hold IPO roadshows next week

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PetroVietnam Power Corporation (PV Power) will hold two roadshows to introduce the investment opportunity in the company’s initial public offering (IPO), scheduled on January 31 on the Ha Noi Stock Exchange.

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In 2017, the power company generated 20.58 billion kWh, with consolidated revenues of nearly VND31 trillion and after-tax profits of VND2.3 trillion. 

The roadshow in Ha Noi will take place on January 16 at Hilton Hotel, while the one in HCM City will be held on January 19 at InterContinental Asiana Saigon Hotel.

At the roadshows, PV Power will provide details on its business performance and financial state, development prospect, as well as respond to investors’ concerns about potential investment in the company.

Under the approved equitisation plan, PV Power, with a charter capital of VND23.42 trillion (US$1.03 billion), will offer 468 million shares, or 20 per cent of its capital, in the IPO at a minimum bidding price of VND14,400 (63 US cents) for each share.

At this price, the company is valued at $1.48 billion.

After the IPO, PV Power will continue to sell 676 million shares, equivalent to nearly 29 per cent of its capital, to strategic shareholders which have made profits in the last two years, have no accumulated loss and hold on to PV Power’s shares for at least five years.

The parent company, PetroVietnam, will hold 51 per cent shares on behalf of the government and is slated to decrease its holding from 2019 onwards depending on how the company is able to restructure its loans.

PV Power currently has one coal-fired power plant, three thermal power plants and three hydropower plants, with a total capacity of 4,208MW, accounting for some 11 per cent of the nation’s electricity generation capacity.

In 2017, the power company generated 20.58 billion kWh, with consolidated revenues of nearly VND31 trillion and after-tax profits of VND2.3 trillion. 

Source: VietNamNet

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