VnExpress News The News Gateway of Vietnam
Tepco Renewable Singapore has seen its VND785 billion (US$33.3 million) investment in Vietnam Power Development lose 18% in value within three days as the latter’s stock plummeted.
It bought 26.6 million shares, or a 24.96% stake, in the company on Tuesday at VND29,600 per share, the highest VPD has reached since its listing on the Ho Chi Minh Stock Exchange.
It gained 50% in four weeks before the deal was struck before falling for three straight sessions from Wednesday to close on Friday at a three-week low of VND24,450.
Vietnam Power Development, established in 2002, operates three hydropower plants with a total output of 136 MW.
It is 36.65% owned by EVN Genco1, a subsidiary of state-owned Vietnam Electricity.
Tepco Renewable Singapore, a subsidiary of Japanese energy giant Tepco,is its second biggest shareholder.
It seeks to use the expertise it has built up over many years in the Japanese hydroelectric industry to increase the value of Vietnam Power Development’s existing plants, it said in a statement.
It earlier bought a stake in Coc San hydropower plant in the northern province of Lao Cai in 2018.
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