Power Generation Corporation 2

http://ppc.evn.vn

Acceleration of the equitization at state-owned enterprises

It is the content at Document No.249/TB-VPCP dated 17/7/2019 announcing the conclusion by Deputy Prime Minister Vuong Dinh Hue on the situation of arranging, equitizing, divesting and restructuring state-owned enterprises and business development in the first 6 months of 2019; the tasks and solutions for the last 6 months.

For the second half of 2019, Deputy Prime Minister Vuong Dinh Hue asked ministries and agencies, under their assigned functions and tasks to submit to the Government and the Prime Minister for promulgating fully and promptly mechanisms, policies and legal documents; to continue to comprehensively review relevant legal documents for promulgating guidelines and removing difficulties in accordance with its authority, ensuring clear, transparent and feasible in implementation; in case of being settled by higher level, it shall be reported to the Prime Minister.

EVNGENCO 2 will be equitized in the near future

The Deputy Prime Minister asked The Committee for Management of State Capital at enterprises to continue the improvement in the organizational structure, proactively co-ordinate with ministries, industries and enterprises to remove difficulties and solve problems in the operating  so as to well perform the functions and tasks as assigned.

For the Electricity of Vietnam Group, Mr. Nguyen Xuan Nam - Deputy General Director said, in the period of 2011-2015, EVN has completed all the objectives and restructuring tasks under the direction of the Prime Minister.

The Group completed its divestment for 100% of enterprises not related to the EVN's main business lines. In addition, EVN has completed the capital reduction plan at EVNFinance in accordance with the regulations of the Law on Credit Institutions, thereby, collecting more than VND 2,044 billion, a surplus of VND 64 billion, preserving and developing the EVN's investment capital.

In the period 2016-2020, EVN shall also accomplish many important targets and tasks. In particular, it is planned to complete  the transfer of Power Generation Corporation 3 (EVNGENCO 3) to the mode of a joint stock company from 1stOctober 2018. Shortly thereafter, the shares of EVNGENCO 3 (stock code: PGV) were traded on the UpCom stock exchange.

Under the Prime Minister's Decision No. 852/QD-TTg dated 14th June 2017, EVN is assigned to conduct the divestment in 5 enterprises and to finalize it in 2020. Currently, EVN is actively implementing the plan with the basic goal of completing this plan in 2019.

As reported, all the member and affiliated enterprises in the Group that are eligible have registered for listing, trading on the stock market, ensuring the publicity, transparency and having a market capitalization surpassing the value of the owner's investment.

After the successful equitization for EVNGENCO 3 in 2018, EVN continues to implement the equitization for EVNGENCO 2 and EVNGENCO 1. The process of divestment and equitization of EVN is being implemented in accordance with the plan and progress as assigned by the Prime Minister.

The contents are specified in the attachment.

 Acceleration%20of%20the%20equitization%20at%20state-owned%20enterprises.pdf

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