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Vietnam seeks to raise about $50mn in power plant stake sale

Thursday, June 11, 2020, 09:07 GMT+7
Vietnam seeks to raise about $50mn in power plant stake sale
The Haiphong Thermal Power JSC in Hai Phong City, Vietnam. Photo: NPCETC

HANOI — Vietnam is seeking to raise around $50 million by selling a 9% stake in Haiphong Thermal Power via an auction on June 18, the government said on Wednesday.

The government’s State Capital Investment Corp. (SCIC) will auction all of its 45 million shares at an initial price of VND26,000 (US$1.12) apiece, potentially valuing the sale at VND1.17 trillion ($50.45 million), it said in a statement.

Vietnam plans to sell some operational state-owned power plants to foreign investors to raise funds for urgently needed new projects and ease pressure on public debt.

Haiphong Thermal Power, which owns a coal-fired power plant in Haiphong City in northern Vietnam, had total assets of VND12.66 trillion ($547.3 million) at the end of 2019, the government said. 



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