EVF Raises Foreign Ownership Cap to 50%, Plans Private Placement

Overview

EVF (Tài chính Tổng hợp Điện lực) held an extraordinary shareholders’ meeting on August 21, 2026, in Ninh Bình, approving a private placement to increase charter capital to approximately VND 8,455 billion and raising the foreign ownership limit from 15% to 50%. The decisions are part of a broader strategy to strengthen financial capacity, attract international investors, and improve governance standards.

Key Facts

• EVF’s extraordinary shareholders’ meeting approved a private placement of up to 85 million shares, equivalent to VND 850 billion at par value.
• Charter capital will increase from over VND 7,605 billion to VND 8,455 billion upon completion.
• The foreign ownership limit was raised from 15% to 50% of charter capital.
• Proceeds from the placement will be used for credit activities, ensuring compliance with State Bank of Vietnam capital adequacy ratios.
• EVF targets total assets of VND 93,000 billion and pre-tax profit of VND 1,325 billion for 2026.
• The meeting also approved adding an independent member to the Board of Directors for the 2023–2028 term.
• EVF has previously received funding from OeEB (Austrian Development Bank), OPEC Fund, and other development finance institutions.

What Happened

At the extraordinary general meeting held on August 21, 2026, shareholders of EVF voted overwhelmingly in favor of three key resolutions: a private placement to raise charter capital, an increase in the foreign ownership cap to 50%, and the appointment of an independent board member. The company plans to issue up to 85 million new shares, raising charter capital from VND 7,605 billion to VND 8,455 billion.

The capital raised will be allocated to credit activities, supporting EVF’s growth plans for 2027–2028. The decision to raise the foreign ownership limit is seen as a strategic move to attract international institutional investors and diversify the shareholder base. EVF has a track record of securing funding from international development banks, including OeEB and the OPEC Fund, focusing on green finance and SME support.

Market Context

EVF, listed on HOSE, closed at VND 12,550 on August 21, 2026. The company operates in the financial services sector, specifically as a non-bank financial institution. The broader Vietnamese market has seen increasing foreign interest, and EVF’s move to raise the foreign ownership cap aligns with this trend. The capital increase is expected to support EVF’s ambitious growth targets, including total assets of VND 93,000 billion and pre-tax profit of VND 1,325 billion in 2026.

Strategic Significance

For long-term investors, EVF’s decisions signal a clear commitment to scaling up and integrating with international capital markets. The higher foreign ownership cap could attract strategic investors, bringing not only capital but also governance expertise and global best practices. The private placement, if successfully placed with strong partners, would strengthen EVF’s balance sheet and enable it to expand its credit portfolio, particularly in green finance and SME lending. This positions EVF to capitalize on Vietnam’s growing financial services market while maintaining regulatory compliance.

What to Watch

• Completion of the private placement and the identity of participating investors.
• EVF’s ability to meet its 2026 targets for total assets and pre-tax profit.
• Regulatory approval from the State Bank of Vietnam for the foreign ownership increase.
• Any subsequent changes in foreign ownership levels as the cap is lifted.
• EVF’s quarterly earnings reports to assess the impact of the capital raise on profitability and asset quality.