Illustrative image (Photo: VNA) Hanoi (VNA) - Vietnam Electricity (EVN) expects to complete itsdivestment from both core and non-core businesses this year.
The company recently said it completed capital withdrawal and reduction at twoout of its six firms, earning more than 296 billion VND (12.7 million USD),which was 63 billion VND higher than the book value.
In 2011-2015, EVN completed divestment from its non-core businesses, earning 2.3trillion VND and capital surplus of 127 billion VND.
It also completed the re-arrangement and restructuring of its subsidiariestoward specialising electricity production, generation and distribution works.
Last year, EVN transformed Power Generation Corporation 3 (GENCO 3) into ajoint stock company which then was traded on UpCom with the code of PGV.
The group said it has been rushing to approve the restructuring plan of itsnine subsidiaries, separating management and repair services, and rearrangingpower companies and the National Load Dispatch Centre.
In addition, all of its member and associated companies were eligible to listand trade on the stock market.
It has also gradually innovated administration model following internationalstandards and set up international control systems from the parent company tosubsidiaries to prevent risks.
EVN is also building a project to pilot a competitive retail power market,which will be submitted to the Ministry of Industry and Trade for approval inJuly.
The information and technology infrastructure to serve wholesale power marketis expected to be ready in 2020.
EVN and its subsidiaries have provided timely and adequate businessinformation, leading to a BB rating from Fitch Rating, equal to the country’srating.-VNA
VNA
