PV Power to shift listing to HoSE early next year

• PM urges An Giang to lure more major businesses
• Prime Minister hails businesses’ entrepreneurial spirit
• Businesses in Vietnam pledge to fight illegal wildlife consumption

The firm started to trade its shares on the Unlisted Public Company Market (UPCoM) on March 6 this year, at the starting price of VND14,900 per share, according to PV Power Chairman Ho Cong Ky.

PV Power has a charter capital of more than VND23.4 trillion (US$1 billion), with the National Oil and Gas Group (PVN) as the biggest shareholder at nearly 80% of ownership.

The trading of PV Power on UPCoM came after the company successfully sold more than 468 million shares, or 20% of its capital, for nearly VND7 trillion (US$307.3 million) in its initial public offering (IPO) on January 31. Foreign investors combed about 60% of the share offer.

On December 17, the HoSE approved the listing of PV Power on the southern bourse, nine months after it debuted on the UPCoM, the shortest time ever a stock was shifted from UPCoM to HoSE, Ky said.

PV Power will close its shareholder list on December 27 and stop trading on the UPCoM the following day to prepare for the shifting.

PV Power is the second-largest electricity producer in Vietnam behind Vietnam Electricity (EVN), operating eight power plants with a total combined capacity of 4.2GW.

By the end of the first quarter of 2018, PV Power’s output reached 5.725 million kWh, an increase of 8% compared to the plan. As a result, the total revenue reached nearly VND8.45 trillion (US$369 million), up by 11% compared to the plan. Notably, the after-tax profit reached VND780.2 billion, up by 71.8% against the plan.

In the second quarter of 2018, PV Power set a target of generating 5.928 million kWh of electricity and earn a revenue of VND8.3 trillion. The company expects its after-tax profit to reach VND499 billion and will contribute VND330 billion to the State budget.