EVN continues capital equitization and divestment in a mass number of its companies

The main task of Vietnam Electricity (EVN) in the last months of 2018 is to continue deploying the equitization procedure of its Power Generation Corporations 1 and 2 in compliance with regulations; striving to complete divesting its capital in EVN Finance Joint Stock Company, etc., and its capital in Dong Anh Electrical Equipment Corporation, Thuan Binh Wind Power Joint Stock Company, Power Engineering Consulting Joint Stock Company 3 and 4 after its Divestment plan is approved by Ministry of Industry and Trade.

Early 2018, EVN withdrew its whole capital in Thu Duc Electro-Mechanical Joint Stock Company (EMC), earning VND 77.5 billion in recovery, capital surplus of VND 31.56 billion; conducted an IPO for Power Generation Corporation 3 (EVNGENCO3) as well. Now the Group is preparing the procedures to organize the General Meeting of Shareholders for establishing a Joint stock company.

On February 13^th, 2018, the Prime Minister approved EVN’s 5-year plan for production, business and development investment in the period of 2016-2020. On February 28^th, 2018 the Prime Minister promulgated the Decree on the charter of organization and operation of EVN.

Pursuant to the Decree, the State shall own EVN. The Government shall perform the consistent management and organize the execution of the state ownership rights and obligations over the Group. Its charter capital by the end of 2018 is VND 205,390 billion.

The objectives set by EVN are to conduct sustainable, effective and profitable business; preserve and develop the owner’s capital invested by the state in EVN and its capital invested in other enterprises as well; fulfill other tasks assigned by the State owner; perform the central role in developing Vietnam Electricity into under multiple ownership, in which the state ownership is dominant.