PetroVietnam unit to offload 2.9 million shares from power company

By Dam Tuan   July 5, 2016 | 03:15 am PT
EVN International will be opened up to foreign investors on August 1.

PetroVietnam Power is going to divest its entire 7.85 percent stake in affiliate EVN International JSC on August 1, allowing foreign investors the chance to buy into the local power firm.

The decision for the PetroVietnam unit to sell its stake has been approved by the Prime Minister, with an initial price of VND10,800 ($0.48) per share, according to the Hanoi Stock Exchange.


EVN International, an affiliate of PetroVietnam Power, will be opened up to foreign ownership. Photo by Thang

Registration and deposit submissions will be accepted from July 4-25, and the auction will be conducted on August 1 at the Hanoi Stock Exchange.

EVN International JSC, which is located in Da Nang, is involved in power and electrical maintenance services at home and abroad. The company's charter capital is expected to reach VND367 billion ($16.47 million) after the sale.

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