Vietnam’s sole retail power supplier is going to open up to private and foreign investors. State utility Vietnam Electricity group (EVN) is quickening its privatization and divestments from non-core businesses as Vietnam moves towards a competitive power sector, including full wholesale and retail competition. Vietnam’s sole retail power supplier is going to sell shares in three power generation companies, known as Genco 1, 2 and 3, to the public in the next five years, EVN Chairman Duong Quang Thanh said in an interview with the Vietnam News Agency. The Vietnamese government in 2007 announced plans to partially sell stakes in most of EVN’s power generation and distribution units. In 2012, EVN restructured the generation part into the three Gencos. These companies are currently fully controlled by EVN. According to the Asian Development Bank, as of 2013, EVN owned 22 percent of total installed capacity and the three Gencos held 39 percent. Meanwhile, state-owned … [Read more...] about Vietnam to quicken share sales in EVN in push for power wholesale market by 2017
Shares sale agreement
Vietcombank earns big in share sale By Hong Phuc - The Saigon Times Daily HCMC – Bank for Foreign Trade of Vietnam (Vietcombank) has fetched a hefty profit of some VND8.3 trillion, or around US$400 million, for selling shares to Japan’s Mizuho Corporate Bank (MHCB) as its strategic partner. Vietnam’s second biggest bank in terms of market capitalization signed a strategic cooperation agreement with MHCB on September 30 selling 15% of its shares to the latter. The deal helps scale up Vietcombank’s chartered capital from VND19.6 trillion to VND23.174 trillion. The number of Vietcombank shares acquired by MHCB is 347.6 million common shares, with each priced at VND34,000, totaling VND11.818 trillion, or about US$567.3 million. The payment by the Japanese lender is set for completion early in the first quarter next year after a number of procedures get regulatory approval in the two nations. This is the first investment of Mizuho in Vietnam and is the biggest one … [Read more...] about Vietcombank earns big in share sale
Vietnam's VP Bank will boost its registered capital by the end of April to clear the way for a sale of shares to Singapore's Oversea-Chinese Banking Corp. , a bank executive said. Le Dac Son, general director of the unlisted Hanoi-based bank, said it would boost capital by more than 60 percent to VND500 billion (US$31.5 million) - the minimum at which domestic banks are qualified to sell stakes to foreign banks. "We will raise the capital before the end of April," Son told Reuters late on Wednesday. … [Read more...] about Vietnam bank moves to finalize share sale to OCBC
The Hoang Anh Gia Lai Corp, a private trading company, Wednesday clinched agreements to sell stakes to three strategic foreign partners in a bid to increase growth. Under the deal, the corporation, involved in a range of business from property to wood processing and tourism, sold four million shares to France's investment fund Jaccar; three million shares to Saigon Securities Inc. (SSI); and one million to the Saigon Commercial Joint Stock Bank (Sacombank). The values of the shares were not given. … [Read more...] about Viet group takes it to next level via strategic share sales
Thanh Nien Daily continues a bimonthly column in which eminent jurists analyze various aspects of business and investment laws. The column appears on the second and fourth Fridays of the month. Traders at the Ho Chi Minh City Stock Exchange … [Read more...] about Payment for share transfers: a regulatory requirement?