PV Power set for August IPO

• Dollar edges down as U.S. Treasury yields slip on geopolitical fears
• Over US$345 million in FDI poured into property sector
• Manufacturing sector accounts for 84.9% of Q1’s FDI
• Party chief directs Party inspection, supervision in 2017

The amount of shares offered for the public sale accounts for just 3-4% of its capital.

It also plans to sell a 45% stake to long-term strategic investors this year and can up the stake to 60%, depending on the approval of the Government.

PetroVietnam Power Corporation (PV Power) has decided to make its initial public offering (IPO) this August, the electricity producer announced.

The sale of 49% stake could fetch about US$600 million for the power producer.

PV Power has met some strategic investors such as VinaCapital Investment Management Ltd., BNP Paribas, Standard Chartered, Deloitte, Indochina Capital Corporation and Dragon Capital.

PV Power is a member company of the Vietnam Oil and Gas Group (PetroVietnam) and is currently the second largest power supplier in Vietnam, behind Electricity of Vietnam (EVN).

The corporation has targeted revenue of VND29 trillion (US$1.29 billion) in 2017, a year-on-year increase of 9.3%.