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VietNamNews

EVN pulls out from property sector

Update: July, 07/2014 - 09:15

Electricity of Viet Nam workers upgrade a power station in Nam Dinh Province. EVN has withdrawn all of its investment from the property sector. — VNA/VNS Photo Ngoc Ha

HA NOI (VNS) — Electricity of Viet Nam (EVN) has completed divestment from its real estate holdings and is hurrying to withdraw capital from financial organisations, according to officials.

The group's recent report on its business operation in the first half of the year showed that it completed divestment at Saigon Vina Real Estate Company (Land Sai Gon) and the Central Power Real Estate Joint Stock Company (Land Mien Trung), as approved by the Ministry of Industry and Trade.

EVN also completed the transfer of its 1 million shares at Global Insurance Corporation (GIC) to International ERGO Company to reduce its stake in the company from 22.5 to 20 per cent.

Further, EVN sold more than 25.2 million shares at An Binh Bank (ABBank) to Ha Noi Import-Export Company (GELEXIMCO).

Statistics from the Finance Ministry, released last week that in the first half of 2014, State-owned enterprises (SOEs) have completed divestments from non-core businesses, valued at VND822 billion (US$39.1 million).

Last year, SOEs' investments reached VND965 billion ($45.9 million), mainly in finance, banking and insurance.

The businesses' total investment in non-core businesses was estimated at VND22 trillion ($1.04 billion).

Its stake at ABBank has now been lowered from 21.27 to 16.02 per cent.

"EVN's capital at ABBank included profits from shares and cash. Its investment at the bank will continue to lessen, based upon the Government's requirements," it said.

The group added that it has withdrawn all capital from EVN Investment and Construction Company, as it sold 500,000 shares at the company to ensure the highest effectiveness of the transfer.

It has also been carrying out procedures to divest investments from An Binh Securities Company (ABS), auctioning off 11.4 million shares.

The ministry approved its divestment plan at EVN Finance Company (EVNFinance) to reduce its stake from the current 40 per cent to 15 per cent.

Under the group's restructuring plan, EVN would withdraw from seven joint stock companies by the end of 2015. — VNS




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