June 10, 2020 / 3:32 AM / 2 months ago

Vietnam seeks to raise about $50 mln in power plant stake sale

HANOI, June 10 (Reuters) - Vietnam is seeking to raise around $50 million by selling a 9% stake in Haiphong Thermal Power via an auction on June 18, the government said on Wednesday.

The government’s State Capital Investment Corp. (SCIC) will auction all of its 45 million shares at an initial price of 26,000 dong apiece, potentially valuing the sale at 1.17 trillion dong ($50.45 million), it said in a statement.

Vietnam plans to sell some operational state-owned power plants to foreign investors to raise funds for urgently needed new projects and ease pressure on public debt.

Haiphong Thermal Power, which owns a coal-fired power plant in Haiphong City in northern Vietnam, had total assets of 12.66 trillion dong at the end of 2019, the government said. ($1 = 23,190 dong) (Reporting by Khanh Vu Editing by Ed Davies)

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