Power Company No.2 (PC2) and Dai Viet Securities (DVSC) signed a strategic partnership agreement on Feb. 2.
PC2 will become a "major sharecholder" in the securities company, according to DVSC General Director Bui Van Tuynh, with the brokerage hoping to increase its chartered capital from 44 billion VND to 250 billion VND (15.6mio US$) this year.
For their part, DVSC will invest in the State-utility and help develop new projects.
Under the agreement, DVSC also reserves the right to be one of two consultants when PCS offers shares on the over the counter market in the second quarter.
The second consultant will be An Binh Securities Company.
PC2 plans to issue shares totalling 1.6 trillion VND, or 20% of its chartered capital, and submit applications to list on the stock exchange in the fourth quarter, says company director Nguyen Thanh Duy.
PC2 distributes electricity to 20 southern cities and provinces, and holds a 20% stake in the market.
DVSC has reported 30 billion VND in profits in January and February. The company initially targeted a profit of 50 billion VND for the year. The brokerage has around 1,000 clients.
Source: VNA
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