Vinalines to auction 20% stake in early August
The auction will take place after several delays as the shipping firm underwent a prolonged revamp.
Vietnam National Shipping Lines (Vinalines) is scheduled to offer 20% stake or over 280 million shares in its initial public offering (IPO) at the Hanoi Stock Exchange (HNX) in early August, according to the government portal. The company also planned to debut on the the Unlisted Public Company Market (UPCoM) for shares sold at the auction, for which buyers would have completed their payment.
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Another 2.29 million shares or 0.16% of the charter capital will be sold to employees, while the government will retain 913 million shares, equivalent to a 65% stake.
The firm's IPO has been delayed several times as it needed to undergo a longer-than-expected restructuring process.
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 of 130.9 million tons of cargo shipped last year by Vietnamese vessels, Vinalines' fleet took 20.2%.
By the end of 2017, Vinalines had completed divestment in 39 companies for VND2.4 trillion (US$105 million) in return, resulting in a net profit of VND360 billion (US$15.8 million).
Overall, the firm saw its debt reduced by VND10.6 trillion (US$440 million) in the 2014 - 2017 period, according to Le Quang Trung, deputy general director of Vinalines.
Additionally, its member companies also cut debts by VND2.3 trillion (US$101 million). As of December 31, 2017, Vinalines' debts owed to banks totaled up to VND14.7 trillion (US$646 million), including principals of VND11.3 trillion (US$497 million) and unpaid interests of VND3.3 trillion (US$145 million).
In the first six months, Vinalines reported revenue of VND6.65 trillion (US$290.4 million), equivalent to 49% of the year target and profit of VND73 billion (US$3.18 million).
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years