SCIC plans to divest from Hai Phong Thermal Power
Friday, January 17,2020
AsemconnectVietnam - The State Capital Investment Corporation (SCIC) plans to divest from Hai Phong Thermal Power Joint Stock Company (HND) in the first quarter of this year.
Accordingly, SCIC will sell its entire stake of 9 per cent, or 45 million shares, at the initial price of no less than VND26,000 per share, nearly two times higher than the current market price.
SCIC wants to sell its entire stake at HND to just one investor.
SCIC expected to collect more than VND1.17 trillion (US$50,6 million) from the divestment of Hai Phong Thermal Power Joint Stock Company.
HND was traded at VND13,500 on Wednesday morning, 1.5 times higher than at the beginning of last year.
The company reported a total power output of 8.1 billion kWh in 2019, four per cent higher than the target.
The company estimated to reach a revenue of VND11.2 trillion last year and a pre-tax profit of VND975 billion, nearly three times higher than its plan.
In 2020, the company targeted to produce more than 7.8 billion kWh and earn a revenue of VND10.5 trillion and profit of VND333 billion.
Currently, Power Generation Corporation 2 was Hai Phong Thermal Power Company’s largest stakeholder, holding 51 per cent of the company’s charter capital, followed by Pha Lai Thermal Power Company with a 26 per cent stake, then SCIC.
Hai Phong Thermal Power Company has two plants with a total capacity of 1,200 MW.
In November, SCIC announced to offload its entire stake of 11.42 per cent, or 51 million shares, of Quang Ninh Thermal Power Company.
SCIC expected to collect VND1.223 trillion from the divestment but it failed to find an investor.
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