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PV Power cancels UPCoM listing this week

The company estimates its total revenue will likely hit VNĐ 三 三. 三 六 trillion by year-end, exceeding the yearly target by  六 per cent. — Photo tinnhanhchungkhoan.vn

HÀ NỘI – PetroVietnam Power Corporation (PV Power) will cancel the trading of more than  四 六 七. 八 million shares on the Unlisted Public Company Market (UPCoM) this Friday, the Hà Nội Stock Exchange has announced.

The delisting from UPCoM, which happens after nine months of listing, will serve its relocation to the Hồ Chí Minh Stock Exchange (HOSE).

The last trade of PV Power, coded POW, is Thursday.

PV Power debuted more than  四 六 七. 八 million shares on UPCoM on March  六 this year, a little more than a month after its initial public offering on January  三 一.

POW is trading around VNĐ 一 四, 八00 (US$0. 六 三) per share, a  一 五. 四-per-cent discount compared to its debut price of VNĐ 一 七, 五00 on its first trading day.

The power arm of PetroVietnam will list all of its  二. 三 四 billion shares, equivalent to charter capital of more than VNĐ 二 三. 四 trillion, on HOSE under the same ticker POW. The new listing, expected to take place in early  二0 一 九, will help facilitate the company’s access to domestic and foreign capital.

The company estimates its total electricity output of the system in  二0 一 八 will reach more than  二 一 billion kWh. Its total revenue will likely hit VNĐ 三 三. 三 六 trillion by year-end, exceeding the yearly target by  六 per cent.

This year, pre-tax profit of the whole corporation is expected to reach more than VNĐ 二. 三 trillion with pre-tax profit of the parent company being VNĐ 二. 五 七 trillion, surpassing its yearly goal of  二 四 per cent.

The company is projected to pay VNĐ 一. 三 六 trillion to the State budget, equivalent to  一 一0 per cent of its yearly estimate.

In addition to PV Power, many large companies on UPCoM have plans to change their listings to HOSE next year, including Vietnam Airlines (HVN), Việt Nam Engine and Agricultural Machinery Corporation (VEA), Minh Phú Seafood Corp (MPC), Maritime Bank (MSB) and Lộc Trời Group (LTG). – VNS