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SCIC plans to divest from Hải Phòng Thermal Power

Update: January, 16/2020 - 10:39

 

A plant owned by Hải Phòng Thermal Power Joint Stock Company. — Photo cafef.vn

HÀ NỘI — The State Capital Investment Corporation (SCIC) plans to divest from Hải Phòng Thermal Power Joint Stock Company (HND) in the first quarter of this year.

Accordingly, SCIC will sell its entire stake of 9 per cent, or 45 million shares, at the initial price of no less than VNĐ26,000 per share, nearly two times higher than the current market price.

SCIC wants to sell its entire stake at HND to just one investor.

SCIC expected to collect more than VNĐ1.17 trillion (US$50.6 million) from the divestment of Hải Phòng Thermal Power Joint Stock Company.

HND was traded at VNĐ13,500 on Wednesday morning, 1.5 times higher than at the beginning of last year.

The company reported a total power output of 8.1 billion kWh in 2019, 4 per cent higher than the target.

The company estimated to reach a revenue of VNĐ11.2 trillion last year and a pre-tax profit of VNĐ975 billion, nearly three times higher than its plan.

In 2020, the company targeted to produce more than 7.8 billion kWh and earn a revenue of VNĐ10.5 trillion and profit of VNĐ333 billion.

Currently, Power Generation Corporation 2 was Hải Phòng Thermal Power Company’s largest stakeholder, holding 51 per cent of the company’s charter capital, followed by Phả Lại Thermal Power Company with a 26 per cent stake, then SCIC.

Hải Phòng Thermal Power Company has two plants with a total capacity of 1,200MW.

In November, SCIC announced to offload its entire stake of 11.42 per cent, or 51 million shares, of Quảng Ninh Thermal Power Company.

SCIC expected to collect VNĐ1.22 trillion from the divestment but it failed to find an investor. — VNS

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