Vietnam Rubber Industry Group sells shares in all 5 hydropower companies

The 5 hydropower companies that Vietnam Rubber Industry Group (VRG) divested capital from include: Geruco Song Con Hydropower Joint Stock Company, VRG Bao Loc Joint Stock Company, VRG Dak Nong Joint Stock Company, VRG Phu Yen Joint Stock Company and VGR Ngoc Linh Joint Stock Company.

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The Prime Minister allows the Vietnam Rubber Industry Group (VRG) to divest its capital from the Group's entire Lot 5 Hydropower Company by direct negotiation as prescribed in Decision No. 41/2015/QD-TTg dated September 15, 2015 of the Prime Minister on selling shares in lots.

The 5 hydropower companies that VRG divested from include: Geruco Song Con Hydropower Joint Stock Company, VRG Bao Loc Joint Stock Company, VRG Dak Nong Joint Stock Company, VRG Phu Yen Joint Stock Company and VGR Ngoc Linh Joint Stock Company.

The Prime Minister requested that the divestment of the above lots must be linked to the conditions of releasing the Group's guarantee obligations and transferring the Group's debt repayment obligations to hydropower companies.

Article 9 of Decision No. 41/2015/QD-TTg dated September 15, 2015 of the Prime Minister on the sale of shares in lots stipulates: The sale of shares in lots must be carried out by auction. In case there is only one investor registering to buy shares, in case the competitive offering is unsuccessful or in case the Prime Minister gives written permission, the sale of shares shall be carried out according to direct agreement with the investor.

The sale of the entire batch of 5 hydropower companies after direct negotiations with investors as above is in line with the actual situation, bringing efficiency to divestment from non-industry sectors while resolving the guarantee of bank loans.

According to Investment