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Vinalines' IPO scheduled in August
Ngoc Thuy 16:50, 2018/06/02
Vietnam National Shipping Lines (Vinalines) expected to hold its initial public offering (IPO) in August and the first general shareholders meeting in September, informed the Group.
"After completing equitization, Vinalines will hold charter capital of over VND14 trillion (US$612.5 million), including state capital of nearly VND12 trillion (US$525 million). For stake value of VND10,000 (US$0.44) apiece, Vinalines will offer 1.4 billion shares in the upcoming IPO," said Nguyen Canh Tinh, acting CEO of Vinalines. 
 
Illustration photo.
Illustration photo.
Vinalines currently manages and operates a diverse fleet including Container ships, bulk carriers, oil tankers, and other types of cargo vessels. The Vinalines fleet has large bulk carriers up to 73,000 DWT, 1,800 TEU Container ships, and 50,000 DWT Oil tankers.

Of the total 130.9 million tons of cargo shipped last year by Vietnamese vessels, Vinalines' fleet accounted for 20.2%. 

The Ministry of Transport has approved its valuation at December 31, 2016 of VND18 trillion (US$792 million), in which the state ownership is estimated at VND12 trillion (US$528 million). Based on this valuation, the actual value of Vinalines has increased by VND1.3 trillion (US$57.2 million) and state ownership increased by VND1.8 trillion (US$79.2 million) compared to the 2016 valuation, where the corporation was estimated at VND16.7 trillion (US$734 million) and state ownership at VND10.1 trillion (US$444 million). 

By the end of 2017, Vinalines has completed divesting from 39 companies for VND2.4 trillion (US$105 million) in return, resulting in net profit of VND360 billion (US$15.8 million).

Vinalines also successfully restructured debts for an amount of VND6.6 trillion (US$290 million). In overall, the group has reduced its debt by VND10.6 trillion (US$440 million) in period 2014 - 2017, according to Le Quang Trung, Vice General Director of Vinalines. 

Additionally, its member companies also reduced debts by VND2.3 trillion (US$101 million). As of December 31, 2017, total debts the group owned to banks totaled VND14.7 trillion (US$646 million), including original value of VND11.3 trillion (US$497 million) and unpaid interest of VND3.3 trillion (US$145 million). 

Vinalines' consolidated revenue in 2017 was reported at VND16 trillion (US$712 million), 14.8% higher than the annual target, resulting in a net profit of VND515 billion (US$23 million).   

The Group set the target of transporting 21.4 million and handling 97.8 million tonnes of cargo at domestic ports in 2018. Consequently, its revenue is expected to reach VND13.6 trillion (US$603 million), with a profit of VND667 billion (US$29.6 million). 
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