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.