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PVPower to divest entirely from eight affiliates

Update: January, 16/2021 - 07:56

 

Engineers at Nhơn Trạch 2 Petroleum, a member unit of PetroVietnam Power Corporation (PV Power). — VNA/VNS Photo Huy Hùng

HÀ NỘI — PetroVietnam Power Corporation has announced plans to divest from several of its member units, including eight subsidiaries it wants to sell its entire stake in, according to a statement from the Board of Directors.

PVPower (POW) plans to divest all capital from Nậm Chiến Hydropower, Sông Hồng Energy, Petroleum Urban Development; Sông Tranh 3 Hydropower, EVN International, Petroleum Mechanical and Electrical, Vietnam - Laos Electricity, and Petroleum Equipment - Machinery.

In 2021 - 2025, it aims to reduce holdings to at least 51 per cent in Hủa Na Hydropower, Nhơn Trạch 2 Petroleum, PV Power Service, and PV Power REC.

POW will also divest from DakDrinh Hydropower to less than 65 per cent of the capital or the entire contributed capital.

As of the end of September 2020, PVPower reported VNĐ21.79 trillion in revenue, down 17 per cent year-on-year and an after-tax profit at VNĐ1.48 trillion, down 40 per cent from a year ago. — VNS

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