The cancellation was due to the People’s Committee of Ninh Thuan province (owning 52.06% of NNT’s capital) not yet having an opinion on the loan proposal to implement the above project. The Board of Directors plans to organize an extraordinary general meeting of shareholders afterward.
The company also canceled the list of securities holders entitled to attend the meeting, which was finalized about a month ago.
According to documents published before the meeting, NNT’s leaders believed that participating in the auction of the Ca Na – Phuoc Nam water plant and the Son Hai water supply system was very necessary and crucial to the company’s water supply business. It aimed to ensure a constant and continuous water supply and reduce pressure on the Thap Cham water plant.
NNT currently directly manages the Phuoc Dan water plant, with a designed capacity of 10,000m3/day night, supplying water to areas in Ninh Phuoc and Thuan Nam districts. The company also manages and operates the water supply system for the Son Hai residential area, Thuan Nam district, with a capacity of 2,000m3/day night. All these systems use water from the Thap Cham water supply system.
Phuoc Dan Water Plant. Source: NNT
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However, with the current socio-economic development, the Thap Cham water plant will be overloaded in the coming time, and it will be challenging, costly, and economically inefficient to transport water from this plant to the southern area of the province.
With the goal of meeting the maximum demand for domestic water for local people and the demand for water for tourism and industry in the southern region, NNT also aims to maximize the capacity of its existing assets, utilize the capacity of the Ca Na – Phuoc Nam water plant to balance the entire system, enhance safe water supply, and reduce the risks of the existing system, which currently depends on a single source from the Thap Cham water plant.
The service scope of the Ca Na – Phuoc Nam water plant and the Son Hai water supply system includes Phuoc Nam, Hieu Thien, and Ca Na industrial parks; Ca Na综合港; Ca Na Gas-Power Center. The coastal tourist areas from Ca Na to Mui Dinh, Phuoc Dinh commune, Van Lam 3 village. The water demand forecast for this area by 2025 is about 29,000m3/day night (clean water) and 63,386 m3/day night (raw water).
Participating in the auction also helps NNT save costs and time by not having to invest in replacing the D400 pipeline, ensuring efficient use of capital and continuous and safe water supply.
NNT intends to present to its shareholders a plan to invest VND 350 billion, including the auction participation value and the entire plant and system’s maintenance and repair. Of the total value, 20% (VND 70 billion) will be deducted from the company’s development investment fund, and the remaining 80% (VND 280 billion) will be borrowed from banks, with the entire project pledged as collateral.
On May 4, 2023, the People’s Committee of Ninh Thuan province issued a document on deploying the auction of the Ca Na – Phuoc Nam water plant and the Son Hai water supply system to implement the conclusion of the Government Inspectorate in 2020 on implementing laws on land management and use. The inspection recommended, “Urgently put into operation the project of supplying water for people in communes of Ninh Phuoc district and Phuoc Nam industrial park, building Ca Na – Phuoc Nam water supply system, Ninh Phuoc district and Thuan Nam district, not to waste state investment capital and cause state asset loss.”
During the auction preparation, NNT is responsible for managing and preserving the assets and ensuring a sufficient clean water supply for the people as directed by the People’s Committee.
According to the plan, the auction is expected to take place in May 2024, and the payment for the purchased assets is expected within three months, from June to September 2024. The company must hand over all the dossiers and assets of the Ca Na – Phuoc Nam water plant to the Department of Construction to implement the next steps of the auction.
Tu Kinh
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