Nearly 47million USD divested from non-core EVN firms

06/01/2015 09:32:34 - views: 1,628

The Electricity of Vietnam (EVN) successfully divested almost 1 trillion VND (46.7 million USD) from non-core businesses in 2014, according to the group’s Deputy General Director Dinh Quang Tri.
 
Transactions at a branch of the An Binh Bank, a subsidiary of Electricity of Vietnam (Photo: VNA)
At the Ministry of Industry and Trade's recent meeting, Tri said EVN sold its entire stakes in two real estate companies, Saigon Vina Land Co and Central Power Real Estate Co.
 
A week ago, EVN also auctioned 62.5 million shares in EVN Finance Joint Stock Co, equivalent to 25 percent of its stakes, on the Hanoi Stock Exchange. Tri said around 58 million shares were sold, and they collected 600 billion VND (28 million USD).
 
"We will continue to sell stakes here," Tri said.
 
EVN is the biggest stakeholder in EVN Finance, the second largest finance company in Vietnam , with holdings of 100 million shares, equivalent to 40 percent of EVN Finance's total capital.
 
An August Government decree barred EVN from investing in non-core businesses, such as banking, finance, securities, insurance, investment funds and real estate.
 
Early this year, EVN Deputy General Director Duong Quang Thanh announced that by 2015 the company will divest capital from seven subsidiaries: EVN Finance, An Binh Bank, An Binh Securities Co, Global Insurance Co, Saigon Vina Land Co, the Central Power Real Estate Co, and Vietnam Investment and Power Construction Co.
 
EVN is now waiting for approval so it can sell its stakes in other companies.
 
It is holding nearly 77 million shares in An Binh Bank (ABBank), equivalent to over 16 percent of the bank's capital worth over 100 billion VND (4.7 million USD). The company plans to auction all its stakes, but is awaiting the central bank's directions. The company is expected to completely divest from the bank this year.
 
With regard to its stakes in Global Insurance Co, EVN sold 1 million shares, or 2.5 percent, to International ERGO in 2013. EVN now owns 20 percent of the insurance company. EVN has submitted the divestment plan to the Ministry of Industry and Trade and will sell all its stakes by 2015.
 
According to the ministry's latest report, EVN's total profit in 2013, including affiliates and subsidiaries, reached more than 4.938 trillion VND (230.8 million USD). The company estimated that EVN itself will gain almost 300 billion VND (14 million USD) in 2014.
VietNamPlus

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