EVN to slash 98 mln USD from non-core ops
Electricity of Vietnam (EVN) plans to withdraw capital worth 2.07
trillion VND (97.64 million USD) from seven non-core companies by 2015.
Electricity of Vietnam (EVN) plans to withdraw capital worth 2.07
trillion VND (97.64 million USD) from seven non-core companies by 2015.
The withdrawal, a part of its master restructuring plan, will ensure that EVN concentrates on its core business of power production and trading to better serve society and the economy.
The targeted companies include An Binh Bank (ABBank), An Binh Securities (ABS), Global Insurance Corporation (GIC), and Saigon Vina Real Estate Company (Land Saigon).
The Central Power Real Estate Joint Stock Company (Land Mien Trung) and Vietnam Investment and Power Construction Company (EVNIC) will also be affected.
At ABS, Land Saigon and Land Mien Trung, the capital withdrawal process will be conducted through public auctions in which the starting prices will not be lower than the face values and the book values of the companies.
The corporation also plans to withdraw 625 billion VND (29.45 million USD) from its subsidiary EVN Finance Company (EVNFinance) to reduce its stake from 40 percent to 15 percent.
This is in accordance with the Law on Credit Institutions that restricts the maximum shareholding of an institutional investor at 15 percent of the charter capital.
In 2013, EVN had withdrawn about 252 billion VND (12 million USD) from An Binh Bank and 26 billion VND (1.22 million USD) from GIC.-VNA
The withdrawal, a part of its master restructuring plan, will ensure that EVN concentrates on its core business of power production and trading to better serve society and the economy.
The targeted companies include An Binh Bank (ABBank), An Binh Securities (ABS), Global Insurance Corporation (GIC), and Saigon Vina Real Estate Company (Land Saigon).
The Central Power Real Estate Joint Stock Company (Land Mien Trung) and Vietnam Investment and Power Construction Company (EVNIC) will also be affected.
At ABS, Land Saigon and Land Mien Trung, the capital withdrawal process will be conducted through public auctions in which the starting prices will not be lower than the face values and the book values of the companies.
The corporation also plans to withdraw 625 billion VND (29.45 million USD) from its subsidiary EVN Finance Company (EVNFinance) to reduce its stake from 40 percent to 15 percent.
This is in accordance with the Law on Credit Institutions that restricts the maximum shareholding of an institutional investor at 15 percent of the charter capital.
In 2013, EVN had withdrawn about 252 billion VND (12 million USD) from An Binh Bank and 26 billion VND (1.22 million USD) from GIC.-VNA
You should also see
Cam Lam - Vinh Hao Expressway to help drive south-central region's economy
The 78.5km Cam Lam - Vinh Hao Expressway, one of the three sub-projects of the North - South Expressway project’s eastern wing, officially opened to traffic on April 26.
See more
Business
InfographicExport value of six key industrial crops to reach 14-16 bln USD by 2030
Vietnam aims to post export turnover of 14-16 billion USD from six key industrial crops by 2030.
Business
Long An, Japan's Okayama city explore cooperation opportunities
Leaders of Vietnam’s southern Long An province and Japan’s Okayama city engaged in a dialogue on April 26 to discuss cooperation between the two localities.
Business
Investor confidence gains traction on improved business climate
Better investment climate, with simplified administrative producers and special incentives, has helped improve investor confidence, thus catalysing investments from a wider pook of both domestic and international investors for socio-economic development.
Business
Vietnam’s rice exports may exceed 2024 target
With positive results recorded so far, Vietnam can exceed its target of 7.6 million tonnes in rice export volume set for 2024, Nguyen Ngoc Nam, Chairman of the Vietnam Food Association, said at a conference in the Mekong Delta city of Can Tho on April 26.
Business
Ample room for Quang Ninh to attract FDI
The northeastern province of Quang Ninh has ample room to attract foreign direct investment (FDI) and realise the goal of attracting 3 billion USD in FDI this year and 10 billion USD in the 2020-2025 period.
