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PV Power cancels UPCoM listing this week

Update: December, 26/2018 - 19:00
The company estimates its total revenue will likely hit VNĐ33.36 trillion by year-end, exceeding the yearly target by 6 per cent. — Photo tinnhanhchungkhoan.vn
Viet Nam News

HÀ NỘI – PetroVietnam Power Corporation (PV Power) will cancel the trading of more than 467.8 million shares on the Unlisted Public Company Market (UPCoM) this Friday, the Hà Nội Stock Exchange has announced.

The delisting from UPCoM, which happens after nine months of listing, will serve its relocation to the Hồ Chí Minh Stock Exchange (HOSE).

The last trade of PV Power, coded POW, is Thursday.

PV Power debuted more than 467.8 million shares on UPCoM on March 6 this year, a little more than a month after its initial public offering on January 31.

POW is trading around VNĐ14,800 (US$0.63) per share, a 15.4-per-cent discount compared to its debut price of VNĐ17,500 on its first trading day.

The power arm of PetroVietnam will list all of its 2.34 billion shares, equivalent to charter capital of more than VNĐ23.4 trillion, on HOSE under the same ticker POW. The new listing, expected to take place in early 2019, will help facilitate the company’s access to domestic and foreign capital.

The company estimates its total electricity output of the system in 2018 will reach more than 21 billion kWh. Its total revenue will likely hit VNĐ33.36 trillion by year-end, exceeding the yearly target by 6 per cent.

This year, pre-tax profit of the whole corporation is expected to reach more than VNĐ2.3 trillion with pre-tax profit of the parent company being VNĐ2.57 trillion, surpassing its yearly goal of 24 per cent.

The company is projected to pay VNĐ1.36 trillion to the State budget, equivalent to 110 per cent of its yearly estimate.

In addition to PV Power, many large companies on UPCoM have plans to change their listings to HOSE next year, including Vietnam Airlines (HVN), Việt Nam Engine and Agricultural Machinery Corporation (VEA), Minh Phú Seafood Corp (MPC), Maritime Bank (MSB) and Lộc Trời Group (LTG). – VNS

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