More than 2.34 billion shares of the PetroVietnam Power Corporation (PV Power) will be listed on the Ho Chi Minh Stock Exchange (HoSE) under the code POW on January 14, 2019.
Hanoi (VNA) – More than 2.34billion shares of the PetroVietnam Power Corporation (PV Power) will be listedon the Ho Chi Minh Stock Exchange (HoSE) under the code POW on January 14,2019.
The firm started to trade its shares on theUnlisted Public Company Market (UPCoM) on March 6 this year, at the startingprice of 14,900 VND per share, according to PV Power Chairman Ho Cong Ky.
PV Power has a charter capital of more than23.4 trillion VND (1 billion USD), with the National Oil and Gas Group (PVN) asthe biggest shareholder at nearly 80 percent of ownership.
The trading ofPV Power on UPCoM came after the company successfully sold more than 468million shares, or 20 percent of its capital, for nearly 7 trillion VND (307.3million USD) in its initial public offering (IPO) on January 31. Foreigninvestors combed about 60 percent of the share offer.
On December17, the HoSE approved the listing of PV Power on the southern bourse, ninemonths after it debuted on the UPCoM, the shortest time ever a stock wasshifted from UPCoM to HoSE, Ky said.
PV Power willclose its shareholder list on December 27 and stop trading on the UPCoM thefollowing day to prepare for the shifting.
PV Power isthe second-largest electricity producer in Vietnam behindVietnam Electricity (EVN), operatingeight power plants with a total combined capacity of 4.2GW.
By the end of the first quarter of 2018, PVPower’s output reached 5.725 million kWh, an increase of 8 percent compared tothe plan. As a result, the total revenue reached nearly 8.45 trillion VND (369million USD), up by 11 percent compared to the plan. Notably, the after-taxprofit reached 780.2 billion VND, up by 71.8 percent against the plan.
In the second quarter of 2018, PV Power set atarget of generating 5.928 million kWh of electricity and earn a revenue of 8.3trillion VND. The company expects its after-tax profit to reach 499 billion VNDand will contribute 330 billion VND to the State budget.–VNA
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Illustrative image (Source: VNA) 
