Pha Lai Thermal Power Co., (PPC) Vietnam's third-largest listed company, said on Wednesday it planned to raise at least 111mio US$ by selling state-held shares to reduce government ownership.
The company said in a statement 41,664,870 shares, or 13.41% of the firm, would be auctioned on April 2 at the Ho Chi Minh City stock marketand the Hanoi over-the-counter exchange at a starting price of 43,000 dong (2.67US$).
The auction is part of a plan to sell more than 85 million shares to reduce the state utility Vietnam Electricity's (EVN) ownership of Pha Lai to 51% from 78.4%.
The stock fell 4,500 dong to 92,500 dong (5.75US$) on Tuesday as the VN Index eased 2.21% to 1,133.31 points after Finance Minister Vu Van Ninh said Vietnam would soon draft a plan to impose income tax on share trading.
Pha Lai made its debut in January on the Ho Chi Minh City Securities Trading Center, Vietnam's main stock market, after moving its listing from Hanoi.
Capitalised at 28.74 trillion dong (1.79 billion US$), it is the third-largest listed company after information technology firm FPT (FPT) and top dairy product maker Vinamilk (VNM).
Pha Lai's two power plants in the northern province of Hai Duong, 65 km (40 miles) east of Hanoi, have a combined capacity of 1,040 megawatts. They produce nearly 6 billion kilowatt hours of electricity per year, 10% of Vietnam's output.
Source: Reuters
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