VRG to offload shares in five hydropower companies

Prime Minister Nguyen Tan Dung has permitted the Vietnam Rubber Group (VRG) to offload shares in five hydropower companies through direct negotiations.

These companies are Geruco Song Con Hydropower Jsc, VRG Bao Loc Jsc, Dak Nong VRG Jsc and VRG Phu Yen Jsc, besides VRG Ngoc Linh Jsc.

The Prime Minister said the divestment must be linked to the clearance of the guarantee obligations of the VRG, which has to transfer its debt repayment obligations to these hydropower companies.

The government earlier ordered the VRG to equitise its subsidiaries, the Ba Ria Rubber Limited Company and the Tan Bien Rubber Limited Company. The VRG will retain more than 65 per cent ownership in both firms.

As of September 2015, the VRG earned VND738 billion (US$34.8 million) in revenue and VND413 billion ($19.5 million) in pre–tax profit.

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