O Mon power plant managed by EVNGENCO 2 (Photo: tapchicongthuong.vn) Hanoi (VNS/VNA) - Thevalue of the Power Generation Corporation 2 (EVNGENCO 2), a subsidiary ofVietnam Electricity, has been determined at 46.1 trillion VND (2 billion USD)as of January 1, 2019, of which the real value of State capital is more than 26.6trillion VND.
The company’svaluation, used for its equitisation process, was announced by theCommission for Management of State Capital at Enterprises on May 19.
Assets not included in theenterprise’s value are fixed assets formed from the reward and welfare fund withthe remaining value of 5.7 billion VND which was transferred to the trade unionorganisation to manage and use for the benefits of employees in the company.
The valuation is calculated bythe auditing and tax consulting firms AASC and UHY based on financialstatements audited by KPMG.
According to Ho Sy Hung, vicechairman of the commission, enterprise valuation is the first step during theequitisation process with the hope of providing the public information in atransparent manner to attract investors to a future IPO.
The result was reviewedcarefully based on publicity, transparency and democracy in compliancewith the law and supervised by assistance teams from the equitisation steeringcommittee and tax agency with the approval of land use plans of the People’sCommittees of relevant provinces and cities and audited by the State AuditOffice of Vietnam, Hung said.
EVNGENCO 2 is among the sixState corporations due for equitisation this year.
The company was established in2012 with a charter capital of 11.7 billion VND. Vietnam Electricity (EVN)holds 100 percent of its charter capital
Nguyen Xuan Nam, EVN’s deputygeneral director, on May 19 pledged to take drastic measures to completeequitisation on schedule.
“This valuation is an importantstep for EVNGENCO 2 to make its initial public offering (IPO) by the end ofthis year, helping attract investors to participate and contribute to thedevelopment of the company,” Nam said.
The Commission for Managementof State Capital at Enterprises has instructed EVN and EVNGENCO 2 to urgentlyimplement the following steps to conduct its equitisation plan, which will besubmitted to Prime Minister Nguyen Xuan Phuc for approval in August.
Its IPO is expected to takeplace in December this year.
EVNGENCO 2 reported net salesof goods and services in 2019 reached 27.1 billion VND, up 16 percentyear-on-year. However, due to interest expenses exceeding 1 trillion VND, itsafter-tax profit was 3.1 billion VND./.
The company’svaluation, used for its equitisation process, was announced by theCommission for Management of State Capital at Enterprises on May 19.
Assets not included in theenterprise’s value are fixed assets formed from the reward and welfare fund withthe remaining value of 5.7 billion VND which was transferred to the trade unionorganisation to manage and use for the benefits of employees in the company.
The valuation is calculated bythe auditing and tax consulting firms AASC and UHY based on financialstatements audited by KPMG.
According to Ho Sy Hung, vicechairman of the commission, enterprise valuation is the first step during theequitisation process with the hope of providing the public information in atransparent manner to attract investors to a future IPO.
The result was reviewedcarefully based on publicity, transparency and democracy in compliancewith the law and supervised by assistance teams from the equitisation steeringcommittee and tax agency with the approval of land use plans of the People’sCommittees of relevant provinces and cities and audited by the State AuditOffice of Vietnam, Hung said.
EVNGENCO 2 is among the sixState corporations due for equitisation this year.
The company was established in2012 with a charter capital of 11.7 billion VND. Vietnam Electricity (EVN)holds 100 percent of its charter capital
Nguyen Xuan Nam, EVN’s deputygeneral director, on May 19 pledged to take drastic measures to completeequitisation on schedule.
“This valuation is an importantstep for EVNGENCO 2 to make its initial public offering (IPO) by the end ofthis year, helping attract investors to participate and contribute to thedevelopment of the company,” Nam said.
The Commission for Managementof State Capital at Enterprises has instructed EVN and EVNGENCO 2 to urgentlyimplement the following steps to conduct its equitisation plan, which will besubmitted to Prime Minister Nguyen Xuan Phuc for approval in August.
Its IPO is expected to takeplace in December this year.
EVNGENCO 2 reported net salesof goods and services in 2019 reached 27.1 billion VND, up 16 percentyear-on-year. However, due to interest expenses exceeding 1 trillion VND, itsafter-tax profit was 3.1 billion VND./.
VNA
