VIETNAM CHAMBER OF COMMERCE AND INDUSTRY
Liên Đoàn Thương Mại Và Công Nghiệp Việt Nam
Thu, Dec 12, 2019, 07:03:00
Agriculture giant HAGL sets sights on farming after agreeing to divest ownership from two hydropower plants in Laos.
Hoang Anh Gia Lai (HAGL) says it has approved the sale of a 99.4 percent stake in Hoang Anh Gia Lai Hydropower JSC to a Laotian company.
HAGL Hydropower owns Nam Kong 2 and Nam Kong 3 plants in Laos’s southeastern Attapeu Province, with a combined capacity of 111 MW.
The unfinished projects cost a total of VND3.4 trillion ($146.84 million) by the end of last year, with Laotian energy company Chaleun Sekong Group having paid an acquisition price of VND2.26 trillion ($97.6 million), or 66.5 percent, in September.
HAGL has not revealed business results from its hydropower projects in recent years, the latest revenue figures at VND122 billion ($5.27 million) in 2013, only 5 percent of the total.
The announcement follows earlier divestment moves by the former real estate giant to focus on fruit production.
HAGL Group posted a revenue of VND1.48 trillion ($63.92 million) in the first nine months, against an accumulative loss of VND1.27 trillion ($54.85 million).
