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6
Sunday July 2014
05 34 50
BUSINESS
Vietnam Electricity says completely divested
from realty sector
TUOITRENEWS
UPDATED : 07/04/2014 11:19 GMT + 7
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Vietnam Electricity, commonly known as EVN, has completely
divested from its real estate business, which is considered a
non-core sector and has been making losses, the state-run
company said in a report on Wednesday.
The power utility has withdrawn all of its shares from the Land Saigon
and Land Mien Trung realty developers via public auction. The shares
were eventually bought at a price higher than their listed value,
according to EVN.
EVN will have to divest from seven joint stock companies from now
until the end of next year, under a restructuring plan intended to have
its investments withdrawn from businesses not related to electricity.
In the report, which summarizes business results in the first half of this
year, EVN also said it had transferred one million shares from the
Toan Cau Insurance Co. to International ERGO, reducing its stake at
the insurance company from 22.5 percent to 20 percent.
The countrys power monopoly currently holds a 16.02 percent stake
of the An Binh joint stock bank, down from 21.27 percent, after
transferring 25.2 million shares to Hanoi-based Geleximco, according
to the report.
We are completing procedures for further divestment at An Binh
bank, the company said.
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