Vinalines is scheduled to carry out its initial public offering in August (Photo: VNA)Hanoi (VNA) – The Vietnam National Shipping Lines(Vinalines) is scheduled to carry out its initial public offering (IPO) inAugust, according to the firm’s latest equitisation plan recently submitted tothe Prime Minister for approval.
This is the second time in three months and thethird time since 2014 an equitisation plan for Vinalines has been submitted forapproval.
Acting Director General of Vinalines Nguyen CanhTinh said the latest plan was built basing on the Government’s Decree126/2017/ND-CP on transforming State-owned enterprises into joint stockcompanies.
Accordingly, the business will sell part of itsState capital while issuing shares to raise charter capital. The State willhold 65 percent of the charter capital, equivalent to 912.99 million shares,while another 14.8 percent or 207.89 million shares will be sold to investors.About 0.16 percent or 2.29 million shares and 0.04 percent will be sold atpreferential prices to the firms’ employees and trade union, respectively.
As of the first quarter of 2018, Vinalines owneda fleet of 92 ships, contributed capital to 14 seaport businesses, and operated67 wharves or 27 percent of total wharves nationwide.
If the equitisation is successful, it will havecharter capital of more than 14 trillion VND (613.2 million USD), includingover 11.9 trillion VND (521.2 million USD) of State capital. With a plannedprice of 10,000 VND per share, more than 1.4 billion shares will be offered atthe IPO in total.
Compared to the previous plan submitted to theTransport Ministry last December, Vinalines’ charter capital under the latestplan will rise by 130 billion VND (5.69 million USD).
After the IPO, the first shareholders’ generalmeeting is set to take place in September 2018, Tinh noted.-VNA
VNA
