Four foreign investors applying for strategic position in PV Power

To date, four foreign investors have submitted applications to become the strategic investor of PetroVietnam Power Corporation (PV Power)—the second-largest electricity producer in Vietnam.
This was announced by Ho Cong Ky, chairman of the Board of Directors of PV Power, at the company’s listing ceremony on the Unlisted Public Company Market (UpCOM).

So far PV Power met with 195 foreign investors, 35 of whom expressed intentions to make a bid. However, ultimately, only four firms submitted applications.

Two of these investors come from South Korea, one from Thailand, and one from Germany. The German firm registered to buy shares for a maximum of $100 million, while the three remaining investors registered to buy the entire 28.88 per cent stake offered to the strategic investor.

Ky added that so far PV Power met with 195 foreign investors, 35 of whom expressed intentions to make a bid. However, ultimately, only four firms submitted applications.

“Almost all investors complained that the deadline to complete the application is too short and they do not have enough time to prepare for the deal. Thus, PV Power is proposing the authority to extend the preparation time for interested firms,” Ky stated.

Besides, in the morning of March 6, PV Power organised a successful listing on the UpCOM with the reference price of VND14,900 ($0.65). Notably, at this session, nine million shares were traded with the average price of VND17,000 ($0.75) and the highest selling price of VND18,300 ($0.80).

Source: VIR