Song Da Corp withdraws capital from Nam Muc hydropower project

15/09/2009 15:47:01 - views: 2,362

Electricity of Viet Nam (EVN) has announced that Song Da Corp withdrew capital from Nam Muc hydropower project in Ho Muc Village, Pa Ham Commune, Muong Cha Dist of Dien Bien province, meaning that the corporation will not contribute 12 percent of investment capital to EVN's Nam Muc plant as committed previously.

The capital part will be transferred to another shareholder Power Co 1 (PC1). Therefore, PC1's holding size in Nam Muc Hydropower Co will be increased from the initial 58.4 percent to 70.4 percent.

Nam Muc Hydropower Co has a chartered capital of 292 billion dong including the promoters of PC1 (keeping the majority stake), Bitexco, Song Da 12 Co and Song Da Corp.

The plant is expected to be operational by Q2 of 2011.

Source: VNBusiness.com

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