EVNI to offer 10m shares to nine institutional investors
EVN International Joint Stock Co (EVNI), a subsidiary of Electricity of Vietnam Group (EVN), on June 29 organised its annual general meeting (AGM) whereby EVNI’s shareholders agreed on a plan to offer 10 million shares to nine institutional investors.
Of which, EVN will buy 4.63 million shares and Pha Lai Thermo Power JSC will buy four million units.
Of the expected proceeds from the share issuance at 100 billion dong, the company will use 68 billion dong to invest in Lower Se San 2 hydropower project and 32 billion dong will be used to pay for the consulting units of the project.
EVNI’s total investment in 2011 was 156.7 billion dong. EVNI has invested 268.5 billion dong in Lower Se San 2 hydropower plant. In addition, EVNI also plans to invest 289 million dong in Lower Se San 1 and Se San 5 hydropower plants, 8.2 billion dong in SeKong hydropower plant, 6.5 billion dong in Nam Mo 1 project and 7.33 billion dong in EVNI’s operation house.
EVNI’s chartered capital is 2.4 trillion dong and its real capital contribution till December 31, 2011 was 366.7 billion dong. Of the total chartered capital of EVNI, EVN committed to contribute 822 billion dong, equalling to 34 percent of the chartered capital and its capital contribution plan from 2007 to 2011 was 657 billion dong.
Till the end of 2011, EVN has contributed only 81.14 billion dong, equalling to 12.3 percent of its plan and equivalent to 22.12 percent of EVNI’s actual capital contribution. Pha Lai Thermo Power Joint Stock Co committed to make up 240 billion dong and its capital contribution plan from 2007 to 2011 was 192 billion dong. Till the end of 2011, the company has contributed 70.8 billion dong.
Lower Se San 2 hydropower plant lies entirely in the territory of Cambodia, far from Vietnam-Cambodia border about 250 km in the west. The project is expected to provide nearly 1.954 million kWh to the electricity system of Vietnam and Cambodia. The project has a total investment of 13.306 trillion dong, equalling to $806 million, of which, EVNI contributes 51 percent in the project and the rest will be invested by Royal Group. Currently, EVNI has received approval from Cambodian government.
Category: Stocks
