HÀ NỘI — PetroVietnam Power Corporation (PV Power) will approve the plan of listing shares on HCM City Stock Exchange at the first shareholders’ meeting scheduled on June 26.

In addition, at the upcoming meeting, PV Power will officially pass the charter of the joint stock company, internal governance regulations, business plan in 2018 and business plan after equitisation in the 2018-22 period as well as elect members of the board of directors and supervisory board for 2018-23.

According to PV Power, the Government Office issued Document No 5030/VPCP-ĐMDN on May 30 assigning the Ministry of Industry and Trade to direct the Việt Nam National Oil and Gas Corporation (PVN) to withdraw capital at PV Power after converting it into a joint stock company.

Thus, the withdrawal of State capital from PV Power will become much more convenient. Under the plan approved by the Prime Minister, State capital will fall to 51 per cent in 2018 and from 2019 onwards, it is expected to fall below the controlling level, depending on the restructuring of credits related to the Vũng Áng 1 thermal power plant.

By the end of the first quarter of 2018, PV Power’s output reached 5.725 million kWh, an increase of 8 per cent compared to the plan. As a result, the total revenue reached nearly VNĐ8.45 trillion (US$369 million), up by 11 per cent compared to the plan. Notably, the after-tax profit reached VNĐ780.2 billion, up by 71.8 per cent against the plan.

In the second quarter of 2018, PV Power has set a target of generating 5.928 million kWh of electricity and a revenue of VNĐ8.3 trillion. The company expects its after-tax profit to reach VNĐ499 billion and contribute VNĐ330 billion to the State budget. — VNS