EVN to sell power-plant stakes to government investment agency

Electricity of Vietnam (EVN) has said it will sell 33 million shares in Vinh Son Song Hinh Hydropower Joint Stock Co. (VSH) to the State Capital and Investment Corp. (SCIC) in off-market trade.

EVN said the deal has been approved by the State Securities Commission, and it is expected to be wrapped up by January 15. It will continue to hold 42 million shares after the sale.

Vinh Son, which is listed on the Ho Chi Minh City exchange, remained unchanged at VND28,000 Friday.

EVN has also registered to sell a 24 percent stake, or 15.24 million shares, in the Hanoi-listed Thac Ba Hydropower Joint Stock Co. to the sovereign investment fund to pare its stake to 51 percent. The sale, which will also be off market, began on December 31 and will finish on January 15.

The transactions follow an agreement between EVN and SCIC last month under which the latter, the government’s investment arm, will provide financial support to EVN by buying its stakes.

EVN and SCIC together have to hold at least 51 percent in power plants, according to the agreement.

EVN is a state-owned monopoly that controls all transmission grids and power suppliers, including Hanoi Electricity Company and Ho Chi Minh City Electricity Co.

 Hoang Uy

thanhnien

>   Cadovimex makes debut on southern stock exchange (05/01/2009)

>   ITA: Trading Result (05/01/2009)

>   DXP: Trading result (Mr. Hoang Van Chung) (05/01/2009)

>   MT GAS: Approval for Initial Listing (05/01/2009)

>   PNC: Trading Result (05/01/2009)

>   HTV: Hatien Transco continues buying back stock (05/01/2009)

>   PPC: Capital contribution (05/01/2009)

>   VIC: The record date for the shareholder list (05/01/2009)

>   Savico: HOSE received the listing registration document (05/01/2009)

>   BMC: Investment plan in Binh Dinh (05/01/2009)