Vietnam utility to issue US$31.3 million in bonds

National utility Electricity of Vietnam (EVN) plans to issue 500 billion dong (US$31.3 million) in bonds at the end of September to raise funds for new power plants, Vietnam News Agency reported.

The state-run agency’s Tin Tuc (Information) newspaper quoted Dang Phan Tuong, head of EVN’s Stock and Equitization Committee, saying the five-year bonds would carry an annual coupon of 9.6 percent for the first year. He said state-run Bank for Investment and Development (Vietindebank) would underwrite the bonds.

EVN has said proceeds from the bond sales would be used to build projects including the Phu My thermal power plant and the 2,400-MW Son La hydroelectric project. Son La began construction in December in Son La Province, 300 kilometers northwest of Hanoi. (HNN 12/29/05)

In August, investors bought all of EVN’s 600-billion-dong five-year bonds on offer, which carry a fixed annual coupon of 9.6 percent.

EVN to build 37 small hydro projects

Vietnam News Agency also reported EVN plans to spend 3.1 trillion dong (US$195 million) to build 37 small hydropower projects in northern provinces.

Up to 13 of the projects, of a maximum of 5 MW each, are to be completed by 2010 in Lai Chau, Lao Cai, Ha Giang, and Lang Son provinces, under a plan to bring electricity to remote rural areas not served by the national transmission grid.

Son La builder plans US$40.7 million initial offering

A major Vietnamese state-run construction firm, Vietnam Construction and Import-Export Corp. (Vinaconex) said it plans to raise 650 billion dong (US$40.7 million) in an initial public offering (IPO) in September or October.

An official at Hanoi-based Vinaconex said the share sale would proceed after the Construction Ministry approved the privatization of the company.

The official declined to give details of the IPO plan, which is pending government approval, but Vietnam News Agency said Vinaconex would raise 450 billion dong (US$28.2 million) by issuing an undisclosed number of shares to employees and raise the remaining 200 billion dong via auctions.

Established in 1988, Vinaconex operates in a wide range of businesses. Affiliates are building the US$2.3 billion Son La, Vietnam’s biggest hydropower project.


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