Largest Listed Firm to Sell More State Stakes to Public
The Pha Lai Thermoelectricity Power Plant Company (PPC), currently the biggest listed company on Vietnam’s stock exchange, plans to sell more state-owned shares to the public in order to reduce state ownership in the company.
Under the plan, PPC will auction 41.7 million shares, equivalent to 13.4 per cent of registered capital.
The company plans to offer the shares at initial price of VND43,000 each, compared with face value of VND10,000.
PPC shares were traded on the Ho Chi Minh City Securities Trading Center at VND85,000 on March 13.
At present, PPC has a registered capital of VND3,107 billion (US$196.6 million), of which the State holds 78.16 per cent.
The company moved its listing from the Hanoi stock exchange to the Ho Chi Minh City market on January 26, becoming first company listing on this bourse in 2007.
PPC is now the largest coal-fired plant in Vietnam, with total capacity of 1,040MW. It is also the third biggest power plant in Vietnam, behind Hoa Binh Hydropower and Phu My Thermo-power companies.
The Hai Duong-based power firm has average capability of 6 billion KWH a year, accounting for 10 per cent of Vietnam’s total electricity output and 40 per cent of Northern Vietnam’s power output.
In 2006, PPC earned net profit of VND979 billion from revenue of VND3.6 trillion. It paid dividend of 12 per cent last year. (Banking Times, VSE)
Vietnamese
