Vietnam Digest: AES Corp to sell Mong Duong 2 power plant; SeABank to list on HoSE

Image from pixabay.

US-based AES Corp will sell its 51% stake in Vietnam’s Mong Duong 2 coal-fired power plant, while Hanoi-based lender SeABank will list 1.2 billion shares on the Ho Chi Minh City Stock Exchange in the first quarter of this year.

AES Corp to sell 51% stake in Mong Duong 2

NYSE-listed AES Corp will sell its entire equity interest in Vietnam’s Mong Duong 2 coal-fired power plant to a consortium led by a US-based investor. This transaction is expected to close in late 2021 or early 2022.

AES owns a 51% equity interest in Mong Duong 2 while Posco Energy Company Limited owns 30% and Stable Investment Corporation, a subsidiary of China Investment Corporation, owns the remaining 19%.

The construction of Mong Duong 2 was completed in 2015 under a Build-Own-Transfer (BOT) contract, with a 25-year Power Purchase Agreement (PPA) with Vietnam Electricity (EVN), a state-owned utility.

In Vietnam, AES owns a stake at the 450 trillion British Thermal Unit (TBTU) Son My LNG terminal with PetroVietnam (PVN). It has also invested in the 2,250 MW Son My 2 combined cycle gas power plant.

SeABank to list 1.2 billion shares on HoSE

Hanoi-based lender SeABank will list 1.2 billion shares in Vietnam’s main bourse Ho Chi Minh City Stock Exchange in the first quarter of 2021.

The bank has increased its charter capital from 9,369 billion dong ($406.5 million) to nearly 12,088 billion dong ($520 million). With that, SeABank becomes one of the 13 commercial joint stock banks with the highest charter capital in Vietnam. Currently, it is present in 29 provinces and cities nationwide.

In 2019, French Société Générale Group had fully divested its 20% stake in SeABank, ending 10 years of strategic partnership.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.