A view of Ca Mau thermal power plant under management of PV Power. (Photo: petrotimes.vn)
Several foreign companies including SK, Kospo, Tohoku, Tan Power have approached PetroVietnam Power Corp. (PV Power), an offshoot of state-run energy firm PetroVietnam, to acquire a stake in the latter, which is poised to launch an initial public offering (IPO) later this year.
Under a government-approved equitization plan, PV Power will offer a 25% stake to the public and strategic investors, cutting the state holding to 75%.
The power generator is scheduled to submit its corporate valuation to the prime minister for approval this month and launch the IPO in August, according to Saigon Times Online.
At the end of last year, PV Power had a registered capital of 13.078 trillion dong ($581.3 million). Its eight subsidiaries and 14 affiliates have stakes in a number of hydro and thermal power plants such as Vung Ang 1, Nhon Trach, Ca Mau and Hua Na.
In May 2015, Vinacomin Power Corp, the power arm of Vietnam National Coal and Mineral Industries Holding Corporation (Vinacomin), also underwent equitization.