A small consulting firm in Vietnam's fast-expanding energy sector has raised 157.92 billion dong ($9.8 million) by selling 22% of its shares, the Hanoi stock market said on Monday.
Power Engineering Consultant Company 1 (PECC1) sold all 2,202,700 shares on offer to domestic investors at an auction on Friday, the stock exchange said in a statement which did not disclose the identities of the buyers.
The shares were sold at an average price of 71,695 dong ($4.5), above the 11,000-dong initial price set for bidding.
The Hanoi-based company, of which state utility group Vietnam Electricity owns 51%, did not say when it planned to list the shares or how the proceeds would be invested.
Employees hold the remaining 26.97% of PECC1, which provides plant designs and development plans for the energy sector. It has been working on many power projects, including the construction of the $2.3 billion Son La hydro power plant.
Investors have shown increasing interest in shares of Vietnamese energy sector companies as the economy is expected to expand more than 8% this year.
Interest has surged especially in recent months as the country faced routine power outages due to water shortages, brokers said. Hydro power generates 40% of Vietnam's electricity.
In the PECC1 share sale, investors bid to buy 14.8 million shares, far above the 2.2 million on offer.
Source: Reuters
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