According to news from the Government Electronic Portal, the projects to restructure and rearrange enterprises, equitize, and divest capital of the Vietnam Electricity Group (EVN) are being implemented on schedule.
Specifically, for the equitization of the Power Generation Corporation 2 (Genco2), the State Capital Management Committee in the enterprise (CMSC) has announced the enterprise value of this corporation. The Council of Members of the Group has also approved the plan for the equitization of Genco 2 and reported to the higher-level Equitization Steering Committee.
Earlier, in mid-May, the Chairman of CMSC approved the result of determining the enterprise value of the equitized parent company Genco 2 at the actual value of 46.102 trillion dong, of which the actual value of the state's capital portion is 26.605 trillion dong.
It is expected that the equitization plan will be submitted to the Prime Minister for approval in August 2020 and the initial public offering (IPO) of shares to the public will be conducted in December this year.
In addition, the Group has carried out procedures to determine the enterprise value of Power Generation Corporation 1 (GENCO1) and divest its stake in Dong Anh Electrical Equipment Joint Stock Company (TBD) and Electricity Finance Joint Stock Company (EVF).
Currently, EVN holds 100% of the capital in Genco 1 and Genco 2, and 46.47% of the capital in Dong Anh Electrical Equipment Joint Stock Company. With EVNFinance, EVN only owns 2.5 million shares, equivalent to 1% of the charter capital.
Previously, in August 2019, EVN earned over VND 219 billion from auctioning 16.25 million shares in EVNFinance at a price of VND 13,480 per share. However, the successful sale volume was only 87% of the total shares offered for sale.
To continue the restructuring, equitization, and divestment process, EVN will focus on key tasks such as implementing procedures to transform the National Power System Dispatch Center into an operating model as a joint venture company, with independent accounting in EVN after the Prime Minister approves it; developing a comprehensive plan for restructuring and renewing EVN's operations in the 2021-2025 period.
At the same time, the Group will also complete and submit to its Board of Directors the plan to separate the organizational model between the electricity distribution and retail sales business of its Power Corporations; and implement the plan to equitize Power Generation Corporations 1 and 2 as scheduled.