PVPower plans to sell entire stakes in 8 member companies

Bich Phuong Tuesday | 01/12/2021 13:25

Photo: VNA

PetroVietnam Power Corporation has announced a divestment plan in several member units, including eight subsidiaries it want to sell entire stakes, according to a statement by the Board of Directors.

PVPower (HoSE: POW) plans to divest all capital in Nam Chien Hydropower, Song Hong Energy, Petroleum Urban Development; Song Tranh 3 Hydropower, EVN International, Petroleum Mechanical and Electrical, Vietnam - Laos Electricity, and Petroleum Equipment - Machinery.

Between the 2021 – 2025 period, it will reduce holding to at least 51 percent in Hua Na Hydropower, Nhon Trach 2 Petroleum, PV Power Service, and PV Power REC.

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

As of end-September 2020, PVPower reported VND21,795 billion in revenue, down 17 percent year-on-year and an after-tax profit at VND1,487 billion, down 40 percent from a year ago.

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