Illustrative image (Source: VNA)
 
Hanoi (VNA) - PetroVietnam Power Corporation (PV Power) has decided to make its initial public offering (IPO) this August, the electricity producer announced.

The amount of shares offered for the public sale accounts for just 3-4 percent of its capital.

It also plans to sell a 45 percent stake to long-term strategic investors this year and can up the stake to 60 percent, depending on the approval of the Government.

The sale of 49 percent stake could fetch about 600 million USD for the power producer.

PV Power has met some strategic investors such as VinaCapital Investment Management Ltd., BNP Paribas, Standard Chartered, Deloitte, Indochina Capital Corporation and Dragon Capital.

PV Power is a member company of the Vietnam Oil and Gas Group (PetroVietnam) and is currently the second largest power supplier in Vietnam, behind Electricity of Vietnam (EVN).

The corporation has targeted revenue of 29 trillion VND (1.29 billion USD) in 2017, a year-on-year increase of 9.3 percent. — VNA