PV Power to launch IPO this year

PV Power to launch IPO this year

PV Power plans to hold its first initial public offering (IPO) and seek strategic partners this year. — Photo vir.com.vn

HÀ NỘI — The electricity producer PetroVietnam Power Corporation (PV Power) plans to hold its first initial public offering (IPO) and seek strategic partners this year, PV Power’s representative told vneconomy.vn.

With the net asset value of more than VNĐ 七 一 trillion (US$ 三. 一 billion), this IPO is considered as one of the largest events on the stock market in  二0 一 七.

The representative also provided the corporation’s business results for the period  二0 一 四- 一 六.

In terms of revenue, PV Power reached VNĐ 二 四. 四 trillion in  二0 一 四, VNĐ 二 三. 二 trillion in  二0 一 五 and VNĐ 二 七. 四 trillion in  二0 一 六. The group increased its revenue in  二0 一 六 by taking over the operation of Vũng Áng  一 Thermal Power Plant.

PV Power’s net profits for the three years were VNĐ 二. 八 trillion, VNĐ 二. 六 trillion and VNĐ 一. 六 trillion, respectively. Profits in  二0 一 四 and  二0 一 五 were much higher than in  二0 一 六 thanks to irregular profits from the previous years.

Earlier, the Wall Street Journal reported the Việt Nam Government planned to sell part of its ownership in PV Power to foreign investors. The deal would reduce the State’s capital in PV Power to below  五0 per cent and generate some $ 九 三 二 million for the Government to make investment in other power projects.

PV Power is a member company of the Việt Nam Oil and Gas Group (PVN) and is currently the second largest power supplier in Việt Nam, behind Electricity of Việt Nam (EVN).

The corporation has targeted revenue of VNĐ 二 九 trillion in  二0 一 七, a year-on-year increase of  九. 三 per cent. — VNS