EQUITIZATION OF PARENT COMPANY - POWER GENERATION JOINT STOCK CORPORATION 3
The equitization of Parent Company - Power Generation Joint Stock Corporation 3 (affiliated to EVN) has been approved at the Decision No. 2100/QD-TTg dated December 16, 2017.
POWER GENERATION JOINT STOCK CORPORATION 3 (Abbreviated name: EVNGENCO 3); Method of equitization: Keeping existing state capital unchanged and issuing additional stocks to increase charter capital.
The holding company - EVNGENCO 3, when determining the amount of charter capital of joint stock company in the equitization plan, is not required to adjust accounting records according to the results of valuation of enterprise and use such value to determine starting price when conducting initial offering.
The charter capital is VND 20,809 billion; proportion of charter capital; EVN holds 1,061,300,000 shares, accounting for 51% of charter capital. EVN holds 51% of charter capital of EVNGENCO 3 by the end of 2019.
From 2020, if EVN and EVNGENCO 3 (joint-stock company) restructure debts and negotiate with credit institutions successfully, EVN shall consider reducing its shareholding in EVNGENCO 3 (joint-stock company) to fewer than 50% of charter capital (below the controlling rate).
Shares to be sold to employees at discounted prices in are 3,424,000 shares accounting for 0.16% of charter capital. Shares to be sold at public auctions are 267,051,900, accounting for 12.8355% of charter capital. Shares to be sold to strategic investors are 749,124,000, accounting for 36% of charter capital. The Face value of a share is VND 10,000 and starting price of public offering: VND 24,600 per share.
Total employees at the time of announcing enterprise’s value: 2,478 and all employees shall be transferred to the joint-stock company
This Decision takes effect on the signing date.
