Deals
PV Power May Raise $600 Million From IPO, Key Investors
- PV Power may sell as much as 60% in IPO, strategic stake sale
- State-owned company plans exchange listing this year after IPO
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PetroVietnam Power Corp., Vietnam’s second-largest power producer, said the sale of a 49 percent stake to strategic investors and through an initial public offering could fetch about $600 million.
PV Power, as it is better known, is open to selling as much as 60 percent of the company, contingent on government approval, according to a document posted on its website. The IPO and stake sale to one or two strategic investors are expected to occur simultaneously in late August, President and Chief Executive Officer Nguyen Xuan Hoa said at his Hanoi headquarters. PV Power, a wholly-owned unit of Vietnam Oil and Gas Group, may spread the sale of additional shares over three years, he said.