First auction on share-purchase rights to kick off

As many as 75 million rights to buy shares of the Vinh Son-Song Hinh joint-stock hydro-power company are up for auction on the Ho Chi Minh City stock exchange (HOSE) on Oct. 26.

The Equitisation and Securities Board of the Electricity of Viet Nam (EVN) disclosed the scheme recently, adding that the auction will offer a starting price at 500 VND for each right and require at least 1,000 rights for an order.

Every 10 rights will enable the holder to buy a share of the Vinh Son-Song Hinh company at 36,000 VND, which fetched 59,000 VND on the closing of the Oct. 9 transaction.

The Head of the EVN Equitisation and Securities Board, Dang Phan Tuong, said EVN now holds 60 percent of the Vinh Son-Song Hinh company, one of the hottest shares in the power industry because of its ideal location, ensuring sufficient water supply for power generation.

The auction is the first ever held on Viet Nam’s stock market to sell share purchase rights.

VNA

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