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SCIC to sell all shares in thermal power firm

Update: November, 18/2019 - 16:48


An aerial view of Quảng Ninh Thermal Power plant. — Photo

HÀ NỘI — The State Capital Investment Corporation (SCIC) wants to sell all of its 51.4 million shares in Quảng Ninh Thermal Power JSC.

The shares are equal to SCIC’s 11.42 per cent stake in the latter. SCIC hopes to offload the shares at VNĐ23,800 (US$1.03) each, valuing the deal at VNĐ1.22 trillion.

The sale will take place on December 5 at the Hà Nội Stock Exchange (HNX).

Potential investors have until December 4 to submit their bidding profiles and deposits for the deal at the HNX.

SCIC is now the third biggest shareholder in the northern thermal power firm. The other two are Power General Corporation 1 and Phả Lại Thermal Power JSC, which respectively hold 42 per cent and 16.35 per cent.

Quảng Ninh Thermal Power JSC is listing 450 million shares on the HNX with code QTP.

The company's shares soared 12.5 per cent to VNĐ12,600 per share on Monday.

In the January-September period, the firm earned VNĐ7.38 trillion ($319 million) in total net revenue, which was up 13 per cent year on year.

Pre-tax profit was VNĐ264 billion in the nine-month period, which was a big difference from its nine-month loss of VNĐ35.2 billion in 2018.

As of September 30, 2019, the firm recorded total assets of more than VNĐ11 trillion, including VNĐ6.67 trillion worth of liabilities.  VNS

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