12:16 | 18/12/2016 Companies
Vinacomin Power Holding Corporation Limited, a State-owned subsidiary of Vietnam National Coal and Mineral Industries Group (Vinacomin), will debut 680 million shares on the Unlisted Public Company Market (UPCoM) on December 15.
|Vinacomin Power Holding Corporation will debut 680 million shares on the UPCoM on December 15 (Photo: www.ndh.vn)|
This was announced by the Hanoi Stock Exchange. The shares, under code DTK, will start the first trading day at 14,000 VND (0.62 USD) per share. At this price, the company’s market capitalisation will reach 9.52 trillion VND, making it among the highest-valued stocks on the UPCoM.
The power company made its initial public offering (IPO) last year, with 236.4 million shares put up for sale, a record in terms of volume of shares put up for auction at that time. However, only 1.2 million shares, equivalent to less than 1 percent, were sold. Vinacomin, currently, still holds over 99 percent of the company’s charter capital.
The power company, established in 2009, engages in development, construction and management of thermal and hydro power plants. It is a major electricity producer in the local power market and is implementing 14 power projects with a total capacity of 5,880MW. It has five subordinate companies, two subsidiary firms and four associate companies with holdings of less than 50 percent of capital.
Ending September 2016, Vinacomin Power reported a loss of 228 billion VND, lifting its cumulative losses to 1.14 trillion VND. Its equity capital was nearly 5.8 trillion VND and total asset value reached 26.4 trillion VND. The UPCoM, which went live on June 2010, is the market for unlisted or delisted public companies under the management of the Hanoi Stock Exchange. There are currently 387 stocks here with daily trading volume of some five million shares worth over 100 billion VND.