A corner of EVENGENCO 3

Mr. Dinh Quang Tri, Deputy General Director of EVN, said that the privatization plan of EVNGENCO 3 was approved by the Government in accordance with Decision 2100/QD-TTg dated December 27th, 2017. Accordingly, the corporation's current state capital will be maintained while more shares will be issued to increase charter capital.

Accordingly, the corporation plans to offer 267 million shares, equivalent to 12.83% of charter capital, in an initial public offering (IPO) scheduled for February 9th.

The shares will be listed on Ho Chi Minh city Stock Exchange at VND24,600 (USD1.08). EVNGENCO 3 aims to raise at least VND6.5 trillion (nearly USD286 million) with the offering.

In addition, 749 million shares will be sold to strategic investors (equivalent to 36% of charter capital) and 3.4 million shares will be sold to workers (0.16%).

EVN currently owns 51% of the corporation’s charter capital (equivalent to 1,061,300,000 shares). It would divest its capital at the subsidiary to less than controlling level after 2019, if successful in restructuring its debts and negotiating with lenders.

EVNGENCO 3 is one of the three power generators of EVN. Over the past five years of operation and development, it is a leading development corporation; inheriting management and operation experience of power plants with advanced technology transferred by EVN, and gradually consolidating modern enterprise management.

In 2017, the corporation estimated to earn revenue of about VND34.632 trillion (more than USD1.52 billion) and power generation profit of VND1.276 trillion (USD 56.1 million), 218.7% of the set plan./.