State-utility Electricity of Viet Nam Group (EVN) will create 10 joint stock companies this year in a move to raise capital for the construction of Government-approved energy projects.
The Director of EVN’s Equitisation and Securities Division, Dang Phan Tuong, said with an investment of over 30 trillion VND (1.8 billion USD), EVN will be the dominant shareholder in the 10 companies.
Eight of the companies will be responsible for building and operating eight hydro and thermo-electric power plants, namely: the Song Tranh, Song Bung 2, Song Ba Ha, Huoi Quang, Ban Chat, Ban Ve, Se San 4 and Lai Chau.
The two remaining subsidiaries will be dedicated to the Lao and Cambodian markets.
Tuong said in the first phase of the plan, EVN will seek strategic investors among the other State-owned enterprises and foreign companies to take major stakes in the 10 companies.
In the second phase, the 10 subsidiaries will hold initial public offerings to mobilise additional capital.
The companies will also be allowed to conduct business outside the energy industry, Tuong said.
EVN is currently the majority shareholder of five other joint stock companies specialising in the construction of electricity works.
Analysts have voiced support of EVN’s decision to set up new companies and equitise in order to mobilise capital, instead of relying simply on loans. It also gives investors an opportunity to partake in the country’s lucrative energy industry, said analysts
Source: VNA
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