Launching of Power Generation Corporation No. 2 - JSC

On 11 July 2021, in Can Tho city, the launching ceremony of Power Generation Corporation No. 2 - JSC (EVNGENCO 2) and the signing of a strategic cooperation agreement between Power Generation Corporation No. 2 of Vietnam Electricity and Sembcorp Corporation - Singapore.

EVNGENCO 2 receiving a business registration certificate being converted into a joint-stock company operating model

EVNGENCO 2 officially changed the parent company - EVNGENCO 2 into a joint-stock company (JSC) from 1 July 2021. At the same time, it became the first and only state-owned enterprise to successfully equitize the form under Decree No.126/2017/ND-CP dated 16 November 2017 and Decree No. 140/2020/ND-CP dated 30 November 2020 on equitization of state-owned enterprises since the Commission for Management of State Capital at Enterprises(CMSC) has been established until now.

In its rising-up strategy, EVNGENCO 2 identifies three key areas: modernizing corporate governance, digital transformation and green transformation. To implement this strategy, EVNGENCO 2 will pay special attention to attracting talents and expanding international cooperation, especially with leading corporations in the energy sector, including Singapore's Sembcorp Group.

Signing a strategic cooperation agreement in online form between Sembcorp Group and EVNGENCO 2

On this occasion, EVNGENCO 2 signed a Memorandum of Understanding on strategic cooperation with Sembcorp Corporation.

This strategic cooperation aims to help the two sides share experiences in corporate governance, digital transformation and development of renewable energy projects in Vietnam in the near future.

About EVNGENCO 2:

• By the end of 2020, EVNGENCO 2 currently owns power plants with a total installed capacity of 4,461MW, accounting for about 6.4% of the total system capacity and 15.1% of EVN's total capacity.

• EVNGENCO 2 owns a diversified power generation technology structure, including coal-fired power (accounting for 50%), hydropower (accounting for 30%), oil thermopower (accounting for 19%) and renewable energy (accounting for 1%), have the capacity to participate in the flexible electricity market.

• Currently, EVNGENCO 2 has been implementing many clean energy projects across the country with a scale of about 55MW. In addition, a number of other projects have also developed an implementation policy and are in the stage of investment project formulation such as solar power projects on the reservoir with a total capacity of about 590MWp and the O Mon 5 power plant using LNG with a capacity of about 1,400MW.

• Some important milestones in the equitization process of EVNGENCO2:

- On 19 May 2020, in Hanoi, the Commission for State Capital Management at Enterprises held a ceremony to announce the equitized value of the parent company - Power Generation Corporation 2 (EVNGENCO2).

- On 26 December 2020, the Prime Minister signed Decision No. 2229/QD-TTg approving the equitization plan of the parent company - EVNGENCO2.

- On 8 February 2021, at the Ho Chi Minh City Stock Exchange City (HoSE), EVNGENCO2 held an initial public offering (IPO) with the number of 580,120,840 shares, the starting price of which is 24,520 VND/share. As a result of the auction, there were 14 awarded bidders, the total buying volume was 262,500 shares. The average winning bid is 24,578 VND/share.

- On 7 May 2021, 262,500 shares of EVNGENCO2 were listed on the UPCoM stock exchange with the stock code GE2.

- On 8 May 2021, CMSC sent a document to the Steering Committee for equitization of the parent company - EVNGENCO2 and the Member Board of EVN on the implementation of the contents to organize the first general meeting of shareholders after being transferred into a joint-stock company.

- On 11 May 2021, CMSC issued a document on the contents to be voted for approval at the first general meeting of shareholders to change the parent company - EVNGENCO2 into a joint-stock company.

* As of 1 January 2019, the actual value of EVNGENCO2 is VND 46,102 billion, of which the state capital is VND 26,605 billion. In 2020, the consolidated profit after tax of EVNGENCO2 is VND 2,889.13 billion, reaching 145.7% of the year plan. The total power production in the five-year period 2016-2020 of the Corporation reached 86.1 billion kWh, of which the parent company at 9.5 billion kWh, the subsidiary at 76.6 billion kWh.

Some more photos of the ceremony:

Mr. Huynh Minh Truyen - Secretary of the Party Committee of Can Tho City's business sector awarding the Decision approving the title of Party Secretary of Power Generation Corporation No. 2 to Mr. Tran Phu Thai