Vinalines operates 14 seaports nationwide and owns the largest area of maritime storages in Vietnam.(Photo: baodautu.vn)
Hanoi (VNA) – The Vietnam National Shipping Lines (Vinalines) willoffload nearly 489 million shares in its initial public offering (IPO)scheduled on September 5 at the Hanoi Stock Exchange.
A roadshow will be organised by Vinalines in collaboration with the Sai GonSecurities Incorporation on August 20 to introduce investment opportunities.
According to a Vinalines representative, the shares to be offered areequivalent to 34.8 percent of the corporation’s total charter capital. They will be sold at the starting price of10,000 VND.
The time for application and deposit lasts from 8:00 on August 8 to 15:30 onAugust 28. Auction tickets should be submitted no later than 16:00 on August31.
InJune, Vinalines announced it will put up 20 percent of its charter capital,equivalent to 280.9 million shares, for the IPO slated in August while another14.8 percent or nearly 207.9 million shares will be sold to strategicinvestors.
However, the Ministry of Transport could not find eligible strategic investors,so it has decided to offer an extra 14.8 percent at the IPO.
Atpresent, Vinalines operates 14 seaports nationwide and owns the largest area ofmaritime storages in Vietnam through nine associated companies andsubsidiaries. It also owns a fleet of 84 vessels accounting for 25 percent ofthe total deadweight tonnage of the domestic sea transport market.
The firm said in recent years, it has been restructured successfully and cut downits debt from 9.1 trillion VND (equivalent to 400.8 million USD) in 2014 to2.61 trillion VND (114.9 million USD) in 2017.
Last year, it posted 15.79 trillion VND (695.6 million USD) in consolidatedrevenue and 682 billion VND (30 million USD) in consolidated profit, up 7.8percent and over 20 times from 2016, respectively.-VNA
VNA
