Pha Lai Thermal Power Company (PPC), Vietnam's third-largest listed company, has raised 2.9 trillion dong ($180 million) by selling nearly 41.7 million state shares to the public, the stock exchange said on Tuesday.
Pha Lai sold all 41,664,870 shares on offer to more than 1,460 investors at an auction on Monday at an average price of 69,710 dong ($4.30), the Ho Chi Minh City Securities Trading Center said in a statement.
Foreign investors bought 34% of the shares, the statement said, without giving any buyers' names.
The auction was part of a plan to sell more than 85 million shares to reduce the state utility Vietnam Electricity's (EVN) ownership in Pha Lai to 51% from 78.4%.
Pha Lai shares eased 3,500 dong to close at 74,500 dong ($4.6).
The money raised from Pha Lai share auction is much higher than $111 million the company had initially expected to raise, reflecting investor's interest in betting on the rapid expansion of Vietnam's energy sector.
Power demand is expected to grow 18% this year in Vietnam, which has set a target of 8.5% economic growth this year after 8.17% growth in 2006.
Source: Reuters
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