Ninh Binh Thermal Power Company

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On April 18, 2007 Ninh Binh Thermal Power Company raised $7.3 million (VND117.11 billion) by selling its shares at Hanoi Securities Trading Center. The company auctioned 4,088,095 shares which represented 31.8% of the company. The shares were sold at an average price of $1.78 (VND28,648), nearly double the $0.93 (VND15,000) initial price set for bidding, suggesting the firm was valued at nearly $23 million. While initially foreign investors sought to purchase shares, none of them did. Upon the auction, Electricity of Vietnam (EVN) owned 51% of the company; employees owned 17.2% and the remaining 31.8% was sold to the public. Ninh Binh Thermal Power Company was a subsidiary of the state-owned Electricity of Vietnam (EVN) and supplied electricity to the national grid. The company generated electricity through its coal-fired thermal power plant in Northern Province of Ninh Binh, 90 km south of Hanoi. The total installed capacity of the plant was 100MW. The partial divestiture of Ninh Binh Thermal Plant was part of a new legislation requiring state-owned enterprises to sell at least 20% of shares to minority shareholders. Ninh Binh Thermal Plant was one the first subsidiaries of Electricity of Vietnam to become a publicly traded company. In July 2009, the Hanoi Stock Exchange (HNX) announced that it had agreed in principal for Ninh Binh Thermal Power Joint Stock Company to list 12.865 million shares on the bourse. As of December 2009, the detailed information about the time of the listing is not available yet.