Vietnam hopes to raise at least $289 million by selling shares in an electricity generation company through an initial public offering (IPO), the government’s website said on Wednesday.

The state has stepped up its divestment plan from hundreds of state-owned enterprises, partly because of the need to fund a budget deficit and in the face of growing public debt, but progress has been slow.

Vietnam aims to raise at least 6.57 trillion dong ($289 million) by selling a 12.8 percent stake in state-owned electricity generation company EVNGENCO3, the government said.

Company shares would be sold through the IPO at an initial price of 24,600 dong per share, the government said.

That would value EVNGENCO3 at over $2.2 billion.

In addition to the IPO of those shares, the government said it planned to sell a 36 percent stake in the company to strategic investors at a price to be decided later.

The share sale is expected within three months, the government said, without giving precise details.

Vietnam Electricity Corporation would maintain its ownership of EVNGENCO3 at 51 percent until 2019 and would consider divesting further, the government said.

Earlier this month, Vietnam sold a 54 percent stake in its top brewer Sabeco, worth $4.84 billion, to a local unit of Thailand’s beer magnate Thai Beverage (Thai Bev), in the country’s biggest ever privatisation process.