Vietnam Electricity to divest from finance company

29/07/2019 13:54:03 - views: 150

The Vietnam Electricity (EVN) will divest all its capital from the EVN Finance Company (EVF) next month.
The Vietnam Electricity holds 7.5 per cent of EVN Finance's charter capital. — Photo EVF
 
The move aims to meet a Government regulation that requires State-owned corporations and groups to divest from non-core business.
 
According to an announcement from the Hà Nội Stock Exchange, it will hold an auction to sell 18.75 million EVF shares, equal to 7.5 per cent of EVF’s charter capital, at initial price of VNĐ13,480 apiece on August 23. If successful, the EVN will earn more than VNĐ252 billion (US$10.82 million) from the deal.
 
EVF has many shareholders, of which the two largest are the An Bình Commercial Joint Stock Bank with a holding of 8.4 per cent of the company’s charter capital and EVN with 7.5 per cent.
 
EVN Finance was established in 2008 with charter capital of VNĐ2.5 trillion. Initially, the company took a leading role in arranging capital and managing capital for EVN's power projects. It also provides other financial products and services such as capital mobilisation and receiving deposits of organisations.
 
EVF last year posted net profit of VNĐ204 billion, up 13 per cent against the previous year. In the first half of this year, the company also recorded a profit of more than VNĐ88 billion, up 6.5 per cent year-on-year.  
 
The company’s total assets by the end of June were at VNĐ19.75 trillion.
 
EVF listed its shares on the Unlisted Public Companies Market in August last year at reference price of VNĐ12,200 apiece. However, the stock dropped sharply after that to some VNĐ6,000 apiece and has recently started recovering. The share closed at VNĐ7,800 on Thursday, up 8.3 per cent from the previous session. 
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