Vinaconex to cash in on power division hinh anh 1Illustrative image (Photo: VNA)
Hanoi (VNS/VNA) - Vinaconex corporation has registered to divest all of its 16 million shares in Vinaconex Power Investment Construction and Development JSC.

As the shares, with sticker VCP, closed at 52,000 VND each on February 18 on the official unlisted market UpCOM, Vinaconex-owned shares, or 28 percent of the stake, was worth 832 billion VND (35.8 million USD).

According to Vinaconex's financial statements for Q4 2019, it paid more than 137 billion VND for the shares.

Vinaconex said the transactions could be made via order matching or put-through between February 19 and March 18.

The divestment announcement was made last Friday when VCP shareholders agreed to allow its second largest shareholder PVI Opportunity Investment Fund to increase ownership to more than 25 percent without a public tender procedure.

The firm also decided to list its shares on either the Ha Noi Stock Exchange (HNX) or the Ho Chi Minh City Stock Exchange (HoSE) in Q2 or Q3 this year.

VCP’s shareholder structure has changed since November 2019 when PVI Opportunity Fund bought shares of VCP with a volume of 13.9 million units, increasing its ownership to 24.4 percent.

Thong Nhat Asia Investment, on the other hand, sold 3.9 million shares and is no longer a major shareholder since February 10. Recently, VSD Investment also registered to withdraw 6.2 million shares, equivalent to 10.9 percent of capital, from February 17 to March 17.

Last year, VCP reported 492 billion VND and 232 billion VND in revenue and profit after tax, down 4 percent and 2 percent over 2018, respectively.

The firm said its business activities faced difficulties due to continued difficulties in hydrological conditions due to low water flow.

Established in 2004 as Cua Dat Hydropower Joint Stock Company in Thanh Hoa province, the firm then also operated some hydropower projects in Bai Thuong and Xuan Minh in the same province.

Last November, VCP shares increased by 70 percent to reach 65,000 VND each. Today, the shares lost 6.3 percent to close at 52,000 VND on UpCOM./.