Equitization of PV Power

Equitization of PV Power - 

Deputy Prime Minister Vuong Dinh Hue has approved the equitization plan of the Parent Company - PetroVietnam Petroleum Power Corporation (PV Power) by the way to withdraw a part of state capital at the enterprise.

In accordance with the equitization plan, the charter capital of PV Power is 23,418,716,000,000 VND, among which the PetroVietnam holds 1,194,354,516 shares equal to 51% of the charter capital. The 2,757,400 shares equal to 0.118% of the charter capital are preferentially sold for the employees in the enterprises, the 468,374,320 shares equal to 20% of the charter capital are sold by public auction and the 676,385,364 shares equal to 28.882% of the charter capital are sold for the strategic investors. The nominal value is 10,000 VND/share.

The starting price of a share for the public is 14,400 VND. The price of a share for the strategic investors will comply with the regulations at the time of share sale for them. In case that the share sale for the strategic investors carried out from the time of effectiveness of the Decree No 126/2017/NĐ-CP dated 16/11/2017, it must be applied by the regulations in this Decree.

The PV Power – a stock joint company to rent land from the state and pay land rent in accordance with the law on the land management and use.

Regarding the plan on personnel arrangement, the total number of employees at the time of announcing the enterprise value as the same number of employees transferred to the joint stock company is 1,181 people.

The Ministry of Industry and Trade to monitor and supervise the equitization process at the enterprise and report it to the Prime Minister for consideration and settlement of difficulties and problems beyond its competence.

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