Vĩnh Sơn – Sông Hinh Hydropower Invests 150 Billion VND to Acquire Leading Electricity Supplier

Vinh Son – Song Hinh Hydropower Joint Stock Company (Stock Code: VSH, HoSE) has announced a Board of Directors Resolution approving the investment plan to acquire shares in GE Tay Nguyen Joint Stock Company.

Accordingly, Vinh Son – Song Hinh Hydropower plans to acquire over 11.49 million common shares, equivalent to 99.99826% of GE Tay Nguyen’s charter capital, from REE Energy LLC.

The transaction value is VND 150 billion, with the transfer commencing at 00:00 on January 1, 2026, and all procedures to be completed by March 31, 2026, at the latest.

Established on January 17, 2019, GE Tay Nguyen Joint Stock Company primarily operates in electricity transmission and distribution. Its headquarters are located at 528 Tran Nhan Tong, Kon Tum Ward, Quang Ngai Province.

At inception, the company had a charter capital of VND 100 billion, with three founding shareholders: Thang Long Joint Stock Company contributing VND 98 billion (98%), and Mr. Nguyen Van Tan and Mr. Nguyen Van Vien each contributing VND 1 billion.

The legal representative, Chairman of the Board of Directors, and CEO at that time was Mr. Nguyen Van Vien.

On June 25, 2024, GE Tay Nguyen increased its charter capital to VND 220 billion but later reduced it to VND 100 billion on September 30, 2024.

According to the business registration change filed on December 1, 2025, the company increased its charter capital to VND 115 billion.

In another development, Vinh Son – Song Hinh Hydropower successfully held an Extraordinary General Meeting of Shareholders on December 18, 2025.

During the meeting, shareholders approved the final adjusted total investment for the Thuong Kon Tum Hydropower Project, valued at over VND 9,700.8 billion (post-tax), an increase of VND 272 billion from the VND 9,428.6 billion approved at the 2019 Annual General Meeting.

The company cited objective geological factors such as faults, groundwater, and sinkholes as reasons for the project delay, with the plant only commencing operation of two turbines in April 2021.

While costs for equipment and construction remained stable or lower than the approved investment, extended project timelines led to additional expenses, particularly interest on loans.

Based on the actual post-tax settlement values (A-B), the total executed value is over VND 9,700.8 billion, as detailed below:

The Thuong Kon Tum Hydropower Project harnesses the flow of the Dak Nhe River, the fifth cascade on the Se San River system. Approved by the Prime Minister, the project has a total capacity of 220MW, comprising two 110MW turbines, with a 17km-long energy transmission line.