The Electricity of Vietnam (EVN) will auction 62.5 million shares of EVN Finance Joint Stock Company, or 25 percent of its stakes, on the Hanoi Stock Exchange next month, the exchange announced on the website.
The opening price is set at 10,100 VND (48 US cents) a share. EVN is expected to collect more than 631 billion VND (30 million USD) from the sale, which will be held on December 5.
EVN Finance is the second largest finance company in Vietnam. It has charter capital of 2.5 trillion VND (118.5 million USD). Ending June, its total assets reached were nearly 17 trillion VND (805.7 million USD) and its equity capital was 2.75 trillion VND (130.3 million USD).
It reported an after-tax profit of 30.7 billion VND (1.5 million USD) in the first eight months of this year.
EVN is the biggest stakeholder with a holding of 100 million shares, equivalent to 40 percent of EVN Finance's total capital. Its holdings are expected to reduce to 15 percent after the auction.
In addition to the finance sector, EVN has invested in An Binh Bank, where it has a holding of nearly 77 million shares and in An Binh Securities Co, where it has a 11.5 million shares stake.
A Government's decree in August said EVN was not permitted to invest in non-core businesses, including banking, finance, securities, insurance, investment funds and the real estate.
Early this year, EVN Deputy General Director Duong Quang Thanh said the company would divest capital from seven subsidiaries by 2015, including EVN Finance, An Binh Bank, An Binh Securities Co, Global Insurance Co, Saigon Vina Land Co, the Central Power Real Estate Co and Vietnam Investment and Power Construction Co.-VNA
The opening price is set at 10,100 VND (48 US cents) a share. EVN is expected to collect more than 631 billion VND (30 million USD) from the sale, which will be held on December 5.
EVN Finance is the second largest finance company in Vietnam. It has charter capital of 2.5 trillion VND (118.5 million USD). Ending June, its total assets reached were nearly 17 trillion VND (805.7 million USD) and its equity capital was 2.75 trillion VND (130.3 million USD).
It reported an after-tax profit of 30.7 billion VND (1.5 million USD) in the first eight months of this year.
EVN is the biggest stakeholder with a holding of 100 million shares, equivalent to 40 percent of EVN Finance's total capital. Its holdings are expected to reduce to 15 percent after the auction.
In addition to the finance sector, EVN has invested in An Binh Bank, where it has a holding of nearly 77 million shares and in An Binh Securities Co, where it has a 11.5 million shares stake.
A Government's decree in August said EVN was not permitted to invest in non-core businesses, including banking, finance, securities, insurance, investment funds and the real estate.
Early this year, EVN Deputy General Director Duong Quang Thanh said the company would divest capital from seven subsidiaries by 2015, including EVN Finance, An Binh Bank, An Binh Securities Co, Global Insurance Co, Saigon Vina Land Co, the Central Power Real Estate Co and Vietnam Investment and Power Construction Co.-VNA
