HCMC – PetroVietnam Power Corporation (PV Power, HOSE: POW) has unveiled a plan to raise nearly VND7.3 trillion through a share sale to finance Nhon Trach 3 and Nhon Trach 4 power plants.
The move approved by shareholders in the company’s general meeting will lift PV Power’s capital from VND23.4 trillion to more than VND30.6 trillion. It marks the company’s first share issuance to increase capital since its initial public offering in 2018, when it sold 468 million shares before listing on the Hochiminh Stock Exchange in January 2019.
The capital will be raised through a rights offering, an issuance of bonus shares from equity, and a stock dividend.
The plan involves issuing more than 281 million shares to existing shareholders at a 12% ratio, expected to raise VND2.8 trillion. The offering is scheduled for between late 2025 and the first quarter of 2026, pending approval from the State Securities Commission.
PV Power will also issue over 351 million bonus shares, equal to 15% of charter capital, worth VND3.5 trillion from its development investment fund based on the 2024 financial report. In addition, the company will pay stock dividends, issuing more than 93.6 million shares, or 4% of capital, valued at VND936 billion from 2024’s undistributed after-tax profit.
Petrovietnam, which owns 79.94% of PV Power, backed the plan, with 99.92% of shareholders voting in favor.
The meeting also approved changes to the company’s business registration to remove foreign ownership restrictions, amend its charter, and transfer gas purchase contracts for the Ca Mau 1 and 2 plants from PetroVietnam to PV Gas.
PV Power plans to commission the Nhon Trach 3 power plant in November this year, while Nhon Trach 4 is scheduled to come online by the end of this year. The two projects have a combined capacity of 1,624 megawatts and total investment of VND32.5 trillion.
The company reported first-half revenue of VND17.6 trillion, up 12% year-on-year, and after-tax profit of VND1.2 trillion, an 83% increase. It has completed 46% of its full-year revenue target and exceeded its annual profit goal.
Closing the trading session today, POW edged down 1.64% to VND14,950, with nearly nine million shares changing hands.
Vietnam’s benchmark index closed lower on Friday due to losses in bank stocks, though it still recorded a slight weekly gain.
The VN-Index shed 5.39 points, or 0.32%, to 1,660.7, with 104 winners and 203 losers. Trading volume reached 958.8 million shares worth VND26.71 trillion, down from the previous session. Block deals contributed 41.6 million shares valued at VND1.75 trillion. For the week, the index rose just over two points.
Bank and bluechip stocks fell late in the session. TPB dropped 3.1% to VND18,800 and HDB slid 2.7% to VND30,150. Brokerage SSI lost 2.6% and budget airline VJC fell 2.5%. Other losers included MBB, DGC, MWG, VIB and VPB, down between 1.1% and 1.8%.
VIC gained 3.8% to VND164,000, adding more than 5.5 points to the main index. LPB, SSB, BCM and CTG also rose, but modestly.
Mid- and small-cap stocks were mixed. KOS, BMC, BIC and HSL hit ceiling prices, while construction and property stocks including CII, CDC, ASM, QCG and others rose between 3% and 6%. CII traded over 46.1 million shares, the second highest volume on the exchange.
Among other notable decliners, DPG, PAN and BMP dropped between 3% and more than 4%.
Lender SHB took the lead by liquidity with more than 66.8 million shares changing hands.
On the Hanoi Stock Exchange, the HNX-Index lost 1.59 points, or 0.57%, to 276.06, with 63 advancers and 97 decliners. Trading volume totaled 111 million shares valued at VND2.38 trillion.
