Illustrative image (Source: VNA)

Hanoi (VNA) – More than 2.34 billion shares of the PetroVietnam Power Corporation (PV Power) will be listed on the Ho Chi Minh Stock Exchange (HoSE) under the code POW on January 14, 2019.

The firm started to trade its shares on the Unlisted Public Company Market (UPCoM) on March 6 this year, at the starting price of 14,900 VND per share, according to PV Power Chairman Ho Cong Ky.

PV Power has a charter capital of more than 23.4 trillion VND (1 billion USD), with the National Oil and Gas Group (PVN) as the biggest shareholder at nearly 80 percent of ownership.

The trading of PV Power on UPCoM came after the company successfully sold more than 468 million shares, or 20 percent of its capital, for nearly 7 trillion VND (307.3 million USD) in its initial public offering (IPO) on January 31. Foreign investors combed about 60 percent of the share offer.

On December 17, the HoSE approved the listing of PV Power on the southern bourse, nine months after it debuted on the UPCoM, the shortest time ever a stock was shifted from UPCoM to HoSE, Ky said.

PV Power will close its shareholder list on December 27 and stop trading on the UPCoM the following day to prepare for the shifting.

PV Power is the second-largest electricity producer in Vietnam behind Vietnam Electricity (EVN), operating eight power plants with a total combined capacity of 4.2GW.

By the end of the first quarter of 2018, PV Power’s output reached 5.725 million kWh, an increase of 8 percent compared to the plan. As a result, the total revenue reached nearly 8.45 trillion VND (369 million USD), up by 11 percent compared to the plan. Notably, the after-tax profit reached 780.2 billion VND, up by 71.8 percent against the plan.

In the second quarter of 2018, PV Power set a target of generating 5.928 million kWh of electricity and earn a revenue of 8.3 trillion VND. The company expects its after-tax profit to reach 499 billion VND and will contribute 330 billion VND to the State budget.–VNA