Da Nhim-Ham Thuan-Da Mi Hydropower Joint Stock Company

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Da Nhim-Ham Thuan-Da Mi Hydropower Joint Stock Company, a subsidiary of EVN, made an Initial Public Offering on June 30th 2010, via an auction at the HCM City Stock Exchange. This was part of a country wide program to equatize state-owned and forced by law in 2004. As part of this process, a share is auctioned off and a significant share of up to 30% is sold at a discount to directors and employees. As a result, management tends to have a significant stake in their businesses. The company had four power plants in Lam Dong, Ninh Thuan and Binh Thuan provinces with a total capacity of almost 643MW. The company gave out 106 million shares, at a reserve price fixed at VND 14,000. This would value the IPO at VND 1,484 billion (US$71.2 million). The sale reduces the stake of the state in the company to 75%. *Hydropower firm announces public offer* Vietnam News Service, June 17, 2010 HCM CITY — The Da Nhim-Ham Thuan-Da Mi Hydropower Joint Stock Company will make an initial public offering of almost 106 million shares on June 30 through an auction to be held at the HCM City Stock Exchange. The reserve price has been fixed at VND14,000. The IPO will reduce the State's stake in the company to 75 per cent. Da Nhim-Ham Thuan-Da Mi has four power plants in Lam Dong, Ninh Thuan and Binh Thuan provinces with a total capacity of almost 643MW. It is the third largest hydropwoper producer in Viet Nam, accounting for around 4 per cent of the total commercial electricity output. However, with a number of projects under development by others, its share is set to decline. The company has stakes in hydropower projects like A Vuong, Serepok, Se San 4 and Song Ba Ha, and plans to invest in wind power projects in Ninh Thuan and Binh Thuan. The company also has interests in passenger transport,