Subsidiary of Vinacomin to proceed with equitization plan.
Vinacomin Power is to conduct an IPO, selling some State capital and issuing additional shares to raise its charter capital under a policy approved by the government.
Its charter capital stands at VND6.8 trillion ($318.376 million), equivalent to 680 shares with the price of VND10,000 ($0.468) each according to the equitization plan.
Of these, 236,391,960 shares, or 34.7 per cent, will be sold at public auction. Shares sold to employees will total 1,608,040, accounting for 0.24 per cent. The State will hold the remaining 442 million shares, representing 65 per cent.
The new Vinacomin Power Joint Stock Company will inherit the rights, obligations and legal interests of the company prior to conversion and will continue to operate in the same fields and conduct business activities as prescribed by law.
The Minister of Industry and Trade has directed Vinacomin in determining the starting price of VND10,000 ($0.468) for shares, in selecting a financial institution and stock exchange for the auction, and in implementing the share sale. Shares will be listed on the stock market after various conditions are met.
Its staff numbers will remain the same, at 1,522.
Vinacomin Power currently manages five coal-fired power plants: Cam Pha, Son Dong, Mao Khe, Na Duong, and Cao Ngan, with total power generation capacity of 1,460 MW.
It is one of three enterprises under the Vietnam National Coal - Mineral Industries Holding Corporation (Vinacomin) being equitized this year, along with the Minerals Holding Corporation (Vimico) and Vinacomin Vietbac Mining Industry (VVMI).
Vimico's equitization plan has already been approved. Its charter capital is VND2 trillion ($93.28 million), of which the State owns 75 per cent (200 million shares), with a public auction to sell 23.3 per cent (46.68 million shares).