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| EVN and Vinacomin reduces capital contribution in Hai Phong Thermo Power Co |
| 07/Sep/2010 Intellasia | Vietstock |
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| 7 Sep, 2010 - 1:42:59 PM |
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The management board of Pha Lai Thermo Power Joint Stock Co (coded PPC) has approved for Electricity of Vietnam (EVN) Group and Vietnam Coal and Mineral Industry Group (Vinacomin) to reduce the capital contribution in Hai Phong Thermo Power Joint Stock Co.
In details, EVN would decrease the capital contribution ratio in thermo power firm from 54.2 percent to 51 percent to 160 billion dong and Vinacomin from 10 percent to 7.2 percent for 139.5 billion dong.
In addition, PPC also agreed to authorise Hai Phong Thermo Power Co's management board to raise capital for purchasing the shares that EVN and Vinacomin were going to offload.
One representative of Pha Lai Thermo Power Co revealed that in the first phase, the company would call for existing shareholders to purchase the shares at price of no more than 11,931 dong per share. In the second phase, the company planned to call for other investors to purchase the rest at price of 10,000 dong per share.
At present, Pha Lai Thermo Power JSC has already contributed 687.657 billion dong, equal to 12.4 percent of total chartered capital of Hai Phong Thermo Power Co.
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