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State’s sovereign fund buys into power plant
The State Capital and Investment Corporation has signed a contract to buy 45 million shares from Hai Phong Thermal Power Plant or 9 per cent of its charter capital of VND5 trillion (US$277 million).
The purchase is part of an agreement between the corporation and State-owned Electricity of Viet Nam signed in December last year under which the former will purchase shares in power plants owned by the latter.
The move aims to reduce State involvement in several key power projects and allow the electricity authority to focus on another urgent projects.
Corporation general director Tran Van Ta said that since early this year the corporation and the plant had invested approximately VND2 trillion (US$11million) in other power plants including Vinh Son-Song Hinh (24 per cent), Thac Ba hydro power plant (24 per cent) and Quang Ninh (10 per cent).
The expected benefits from the investments were quite attractive, Ta said. All the companies were operating well and had great potential.
Under Government instructions, the corporation and the electricity authority would maintain at least 51 per cent holdings in joint stock electricity companies.
VNS
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