Daewoo kor6n7rs – VietNam Breaking News

According to an announcement from the Hanoi Stock Exchange (HNX) on Thursday, Hanel Company Limited, the major investor in the complex with a 71 percent stake, plans to sell 19.1 million shares at an opening price of VND10,000 ($0.45) on April 14. The IPO is expected to attract a number of large investors.

The Daewoo Hotel complex. Photo: VnExpress

Following a divestment scheme approved by Vietnam’s Deputy Prime Minister Vu Van Ninh, Hanel will sell 117 million shares, or 61 percent of equity, in total to strategic investors for a minimum of VND1.17 trillion (over $52 million). State ownership will remain at 29 percent.

Hanel was established in 1984, and its charter capital is expected to rise to VND 1.92 trillion (over $86 million) following the listing.

The most attractive part of this deal is the famous 5-star complex located in Hanoi downtown that includes a hotel with more than 400 rooms, and hundreds of residential apartments and offices.

Daewoo Hotel was established in 1996 and has received many well-known figures such as former U.S. President Bill Clinton, Russian President Vladimir Putin and former Chinese President Hu Jintao.

Hanel also owns a 6,000 square meter office and residential complex in Hoang Mai district in Hanoi, and the Vietnamobile mobile network.

Currently, Hanel has 32 affiliates, alliances and joint venture companies operating mainly in electronics, communications, real estate, telecoms, investment and IT.

evn to invest in 21 billion thermal power project in quang binh province

Quang Trach II Thermal Power Plant received the green light from the PM. Photo: a thermal power plant

According to Quang Binh People’s Committee, the Vietnamese prime minister has approved the investment of the Quang Trach II Thermal Power Plant project.

Quang Trach II Thermal Power will be invested by EVN in Hon La Economic Zone, Quang Binh province.

The project has a capacity of 1,200MW with a total preliminary investment value of approximately VND48.156 trillion ($2.1 billion)

Of this, the firm’s equity will be more than VND9.634 trillion ($418.87 million), accounting for 20 per cent of the total investment value, while its debts will be roughly around VND38.525 trillion ($1.68 billion).

The first unit of Quang Trach II Thermal Power Plant is expected to go into commercial operation in 2028, and the second unit will operate in the following year.

Quang Binh province was assigned by the prime minister to grant investment registration certificates for related enterprises, as well as boost land-use conversion and project implementation supervision.

Specifically, the PM also asked the locality to coordinate with the Ministry of Natural Resources and Environment and other parties to carry out an environmental impact assessment of the project.

EVN will be in charge of providing data such as total investment and estimated capital. The PM also noted that related parties must ensure efficient use, preservation, and development of state capital.

Meanwhile, Quang Trach I Thermal Power Plant, a component project of Quang Trach Power Centre, began construction in 2011. In 2017, EVN replaced PetroVietnam as the developer of Quang Trach I Thermal Power Plant due to slow implementation.

Last month, the joint venture of Daewoo E&C LILAMA submitted a document to the PM and the standing PM to reflect on the unfair selection of the EPC contractor for the 15 ^th contract package at Quang Trach I Thermal Power Plant.

At present, contractors are building infrastructure for the plant. However, the project’s progress has been impacted by the encroachment of a number of households in Vinh Son village on the land allocated for the project. They illegally built houses, a slaughterhouse, and fences to set out the land for cultivation. Some families have received compensation but have yet to hand over the land.

By Lam Tien

Daewoo Hotel 5-star complex to go public

EVN to invest in $2.1 billion thermal power project in Quang Binh province