PV Power, the energy arm of state-run oil giant PetroVietnam is going public in August.
The firm announced the news on its website on Monday. PV Power plans to sell a 25% stake in its initial public offering (IPO) this August, reports Thanh Nien.
Though PV Power is among the country's top power producers, second only to Electricity of Vietnam (EVN), the firm's profits have plummeted in the past few years. In 2015, PV Power raked in a net profit of just over VND1.38 trillion (US$60.9 million), a nearly 50% decline from the previous year.
Company officials are now seeking strategic partnerships with foreign investors, including Japan's Tohoku Electric Power and South Korea's SK and Kospo.
According to Thanh Nien, the firm must submit an official plan to the Ministry of Industry and Trade next in order to receive permission for the IPO.
[Photo via PVC]
