General Meeting of Shareholders of EVNPECC1 on 2 November in Hanoi
At the General Meeting on 2 November 2020, the shareholders approved the Resolution, with the determination of the starting selling price of Song Bung 5 Hydropower Plant of VND 1,390 billion, including bank loans of Song Bung 5 project, but excluding VAT and other taxes, fees, etc.
In case the buyer wants to inherit the plant's credit contract, he must satisfy conditions on inheritance of the debt and take responsibility for inheriting all rights, obligations and responsibilities as specified in the credit contract. If the buyer does not inherit the loan agreement, EVNPECC1 will perform final settlement of the contract with the lending bank and the buyer is obliged to pay the prepayment fee incurred at the time of final settlement in accordance with the contractual regulations.
The Resolution specifies that the receivable and payable debts that previously belonged to the contractor performing the construction of the plant will be the responsibility of EVNPECC1, and will be auctioned in year 2020.
Recently, EVNPECC1 has promoted plans to sell this plant in early 2018, but due to a problem with some procedures in the auction documents of some participating units did not meet the conditions of the auction regulations, EVN instructed the representative of the capital share at EVNPECC1 to stop this auction at the end of 2018.
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Song Bung 5 Hydropower Plant:
- Commenced in 2007, put into operation in 2012.
- Built on Song Bung, located at downstream of two projects of A Vuong Hydropower Plant and Song Bung 4 Hydropower Plant (Nam Giang district, Quang Nam province).
- Total project capacity: 57MW.
- Total investment: VND 1,372 billion, in which the equity capital of EVNPECC1 is VND 411.6 billion; commercial loan is VND 960.4 billion.
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