The company's valuation, used for its equitisation process, was announced by the Commission for Management of State Capital at Enterprises on May 19.
Assets not included in the enterprise's value are fixed assets formed from the reward and welfare fund with the remaining value of 5.7 billion VND which was transferred to the trade union organisation to manage and use for the benefits of employees in the company.
The valuation is calculated by the auditing and tax consulting firms AASC and UHY based on financial statements audited by KPMG.
According to Ho Sy Hung, vice chairman of the commission, enterprise valuation is the first step during the equitisation process with the hope of providing the public information in a transparent manner to attract investors to a future IPO.
The result was reviewed carefully based on publicity, transparency and democracy in compliance with the law and supervised by assistance teams from the equitisation steering committee and tax agency with the approval of land use plans of the People's Committees of relevant provinces and cities and audited by the State Audit Office of Vietnam, Hung said.
EVNGENCO 2 is among the six State corporations due for equitisation this year.
The company was established in 2012 with a charter capital of 11.7 billion VND. Vietnam Electricity (EVN) holds 100 percent of its charter capital
Nguyen Xuan Nam, EVN's deputy general director, on May 19 pledged to take drastic measures to complete equitisation on schedule.
"This valuation is an important step for EVNGENCO 2 to make its initial public offering (IPO) by the end of this year, helping attract investors to participate and contribute to the development of the company," Nam said.
The Commission for Management of State Capital at Enterprises has instructed EVN and EVNGENCO 2 to urgently implement the following steps to conduct its equitisation plan, which will be submitted to Prime Minister Nguyen Xuan Phuc for approval in August.
Its IPO is expected to take place in December this year.
EVNGENCO 2 reported net sales of goods and services in 2019 reached 27.1 billion VND, up 16 percent year-on-year. However, due to interest expenses exceeding 1 trillion VND, its after-tax profit was 3.1 billion VND./.
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