Tepco Renewable buys 25% stake in Vietnam Power Development Co.
Tepco Renewable of Japanese electricity heavyweight Tepco has acquired a 24.96% interest in Vietnam Power Development JSC, making the Vietnamese firm an affiliate.
The transaction was made through Tepco Renewable's subsidiary Tepco Renewable Power Singapore, which has completed its acquisition of 26.6 million shares of the Vietnamese hydroelectric power company for VND785 billion ($33.16 million).
The Vietnamese firm, shortly known as VNPD, was established in 2002 and is listed on the Ho Chi Minh Stock exchange as VPD. It owns and operates three hydropower plants with a total output of 136.2 megawatts, Tepco announced from its Tokyo headquarters on Thursday.
The three plants are the Nam Ma (3.2 MW) and Khe Bo (100 MW) in the north, and Bac Binh (33 MW) in the south-central region.
With the investment, Tepco Renewable has become the second-largest shareholder in VNPD after EVN Genco 1, which holds a 36.65% stake. Next to Tepco Renewable are Vietnamese construction and investment firm Tuan Loc JSC (17.2%) and Pha Lai Thermal Power Co. (10.6%).
EVN Genco 1 is an electricity generation firm under state-owned utility Electricity of Vietnam, or EVN.
The transaction is the second investment Tepco Renewable has made in Vietnam following its investment in 2018 in the Coc San hydropower plant (29.7 MW) in the north.
On Thursday, VPD shares were traded at VND28,800 ($1.22) at the highest, a little higher than its Wednesday closing price of VND28,200 ($1.19).
This August, Japan’s largest power company JERA acquired a 35.1% stake in Vietnamese firm Gia Lai Electricity JSC from the World Bank’s investment arm IFC and Armstrong S.E. Asia Clean Energy Fund Pte.
JERA is a 50-50 joint venture between Tepco and Chubu Electric Power, another Japanese company.
- Read More
Indonesia targets comprehensive fuel subsidy scheme reform
Indonesian Energy Minister Bahlil Lahadalia has said the country is conducting a thorough exercise to reform its fuel subsidy scheme.
Southeast Asia - Mon, November 4, 2024 | 10:50 pm GMT+7
Tech companies invest in data centers in Thailand
Thailand’s Board of Investment (BOI) has approved investment support for two large data centre projects in the country worth over THB60 billion ($1.7 billion).
Southeast Asia - Mon, November 4, 2024 | 10:49 pm GMT+7
Indonesia upgrades sea wall system to protect Jakarta
Indonesian Coordinating Minister for Infrastructure and Regional Development Agus Harimurti Yudhoyono has stated that the construction of sea walls was one of the priorities of President Prabowo Subianto.
Southeast Asia - Mon, November 4, 2024 | 10:47 pm GMT+7
Where real estate and urban development meet
The Transit-Oriented Development (TOD) itself, if properly planned and implemented, can lower the barrier to the use of public transport, lessen the dependency on private vehicles, contributing to the liveability of communities and cities, write Avison Young Vietnam analysts.
Consulting - Mon, November 4, 2024 | 8:49 pm GMT+7
AI helps sellers offer competitive prices on e-commerce platforms: Lazada trainer
When sellers carry out promotions on e-commerce platforms, artificial intelligence can help ensure their prices remain competitive, says Nguyen Tran Tin, a seller and trainer at Lazada Academy.
Companies - Mon, November 4, 2024 | 8:07 pm GMT+7
Vietnam plans $7.3 bln rail route linking 2 northern provinces bordering China
Vietnam Railway Authority under the Ministry of Transport has proposed a 448-km long, VND183,856 billion ($7.26 billion) route running between the northern provinces of Lao Cai and Quang Ninh, both sharing a border with China.
Infrastructure - Mon, November 4, 2024 | 7:14 pm GMT+7
Vietnam agribusiness HAGL trains focus on domestic market, inks pact with Kingfoodmart
Vietnamese agri major Hoang Anh Gia Lai JSC (HAGL) is looking to tap domestic market potential afresh by distributing its products through the Kingfoodmart supermarket chain.
Companies - Mon, November 4, 2024 | 7:08 pm GMT+7
Mixed performance by Vietnam commercial banks in Q3
Vietnamese commercial banks have had a mixed third quarter, with some reporting substantial profit gains while others seeing steep declines or even losses.
Banking - Mon, November 4, 2024 | 4:52 pm GMT+7
Vietnam’s Vingroup, UAE's NMDC to collaborate in offshore wind power
Vietnam’s leading conglomerate Vingroup and the UAE-based NMDC Group will collaborate in offshore wind power, the latter said in a recent filing sent to the Abu Dhabi Securities Exchange (ADX).
Energy - Mon, November 4, 2024 | 4:20 pm GMT+7
Military-run Viettel Group has 2 more deputy general directors
General Phan Van Giang, Minister of National Defence, has appointed Cao Anh Son and Nguyen Dat as deputy general directors of Military Industry and Telecommunications Group (Viettel Group), starting last Friday.
Companies - Mon, November 4, 2024 | 3:14 pm GMT+7
Mega Long Thanh airport first phase should be completed in Sept 2026: senior parliament official
Relevant agencies should prepare to complete the first phase of the $14-billion Long Thanh International Airport project on September 2, 2026, as soon as the Vietnamese National Assembly approves changes to the project, said a senior parliament member.
Infrastructure - Mon, November 4, 2024 | 12:44 pm GMT+7
Fed rate cuts, upgrading efforts to lure foreign investors back into Vietnam stock market: VinaCapital
The U.S. Fed’s rate cut cycle and the Vietnamese government’s fresh efforts to upgrade the local stock market status are likely to bring foreign investors back into the stock market next year, according to VinaCapital.
Finance - Mon, November 4, 2024 | 11:42 am GMT+7
Foxconn’s subsidiary Shunsin to invest $80 mln in northern Vietnam to produce integrated circuits
Shunsin Technology (Bac Giang, Vietnam) Limited, a subsidiary of Taiwanese giant Foxconn, will invest $80 million in Vietnam’s northern province of Bac Giang to produce integrated circuits (IC).
Industries - Mon, November 4, 2024 | 10:44 am GMT+7
Q3 earnings of Vietnam’s listed firms up 21.6%: FiinGroup
Net profits of listed companies in Vietnam increased 21.6% year-on-year in the third quarter of this year, maintaining a stable growth rate since the start of this year, according to local financial data provider FiinGroup.
Finance - Mon, November 4, 2024 | 9:31 am GMT+7
Thailand SCG’s revenue in Vietnam up 15% to $1.1 bln in Jan-Sept
Thailand’s Siam Cement Group (SCG) recorded a revenue of THB36.71 billion ($1.08 billion) in Vietnam in the first nine months of this year, up 14.7% year-on-year.
Companies - Mon, November 4, 2024 | 8:00 am GMT+7
Nghiem Xuan Thanh appointed Party chief of Khanh Hoa province
Nghiem Xuan Thanh, Party chief of Hau Giang province, was appointed by the Politburo, the country’s supreme decision-making body, to be Khanh Hoa province’s Party chief for the 2020-2025 term.
Politics - Sun, November 3, 2024 | 7:45 pm GMT+7