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EVN to withdraw from electrical equipment company

Update: March, 21/2018 - 17:33
Engineers at Đông Anh Electrical Equipment Corporation (EEMC) test new devices at the company. — Photo eemc.com.vn
Viet Nam News

HÀ NỘI — Việt Nam’s power group, Electricity of Việt Nam (EVN), will sell its 13.13 million shares, or 46.47 per cent stake, in Đông Anh Electrical Equipment Corporation JSC (EEMC).

The sale of shares will be carried out through the order-matching method on the Unlisted Public Company Market (UPCoM) between April 2-27.

The deal is to comply with the Government’s policy on restructuring subsidiaries of EVN during 2017-20.

EEMC is trading more than 28 million shares on UPCoM with code TBD.

In 2017, EEMC recorded VNĐ2.9 trillion (US$129.5 million) in total revenue, a yearly increase of 34 per cent, but its post-tax profit fell slightly to VNĐ111 billion from VNĐ113.5 billion in 2016.

The company shares started trading on UPCoM on October 15, 2014, and gained 0.94 per cent on Wednesday morning to reach a record high of VNĐ43,000 ($1.91) per share.

EVN had earlier announced it would sell its entire 40.5 per cent stake in the Thủ Đức Electro-Mechanical JSC as well.

If EVN succeeds in offloading its ownership in the two electrical companies, it will only hold stakes in four other listed companies, which are Power Engineering Consulting JSC 1, 2, 3 and 4. — VNS

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