Hydro operator Ry Ninh 2 to debut on Vietnam exchange

Ry Ninh 2 Electric Co., a US$6 million hydropower company, is to debut on Vietnam’s stock exchange in May, a company executive said.

Vietnam’s State Securities Commission issued a license April 24 to list 3.2 million shares of Ry Ninh 2 Electric on the Ho Chi Minh City Securities Trading Center.

The company operates the 81-MW Ry Ninh 2 hydroelectric project just downstream of the 720-MW Yaly hydropower plant. The three-unit Ry Ninh 2 uses water discharged by Yaly to generate power.

The company, based in the Central Highlands coffee-growing province of Gia Lai, has yet to decide on the shares’ starting price, the executive said. The state owns 51 percent of Ry Ninh 2, an affiliate of state-run constructor Song Da Corp.

Ry Ninh 2 is valued at 96 billion dong (US$6 million) following recent limited trade of its shares that priced the stock at about 30,000 dong (US$1.88), the executive said.

“The plant was privatized in 2002 but most shareholders did not want to sell as we have been paying a fair dividend of around 20 percent a year,” he said.

Another Vietnamese-listed power plant is the largest stock on the over-the-counter market in Hanoi. The 70-MW Song Hinh Hydro Power Plant has a market value of US$254 million.

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