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GENCO 3 to conduct over VND20-trillion IPO next month
Power Generation Corporation 3 (GENCO 3) is expected to conduct its initial public offering (IPO) on February 9, 2018.
Deputy Prime Minister Vuong Dinh Hue signed Decision No.2100/QD-TTg on December 27, 2017 approving the equitisation plan of GENCO 3. The company will offer 2,080,900,000 shares based on its initial charter capital of VND20,809 billion ($915 million). The offer will include:
1,061,300 thousand shares (51 per cent of the charter capital) owned by EVN Corporation;
3,424,100 shares (0.1645 per cent) will be sold to employees;
267,051,900 shares (12.8355 per cent) will be auctioned publicly at the starting price of VND24,600 ($1.08);
749,124,000 shares (36 per cent) will be sold to strategic investors after the public auction.
The criteria for selecting a strategic investor focus on finding a partner capable of providing solutions to develop the company after equitisation by transferring technology, training human resources, improving financial competitiveness and corporate governance, as well as supplying materials.
The number of strategic partners is set at a maximum of three. They should commit to develop the business sector and brand name of the company for at least three years and to keep the shares for five years.
The share price for strategic investors is not lower than the average of the successful auctions on the day of the IPO, which will be held on February 9, 2018.
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