Goods are loaded at Saigon Port. (Photo: baomoi.com)
Saigon Port JSC is preparing the necessary documents to register shares with securities authorities by end of this year and begin trading soon after.

This information was announced at the first shareholders' meeting of the company on September 28 in HCM City.

The operator of Vietnam's most important port with a 155-year history sold over 35.7 million shares, or 16.51 percent of the company, in its initial public offering (IPO) on June 30 on the HCM Stock Exchange.

Vietinbank and VPBank acquired these shares with each holding 9.07 percent and 7.44 percent, respectively After the IPO, the State-owned Vietnam National Shipping Lines, better known as Vinalines, holds a 65.45 percent stake.

In the board election on September 28, seven of nine members of the board of directors, including chairman, are Vinalines personnel. Vietinbank (CTG) and VPBank have also placed one representative each on the company's board of directors and supervisory.

A legal representative of the company on September 28 said Vinalines had a plan of selling more stakes to private investors but declined to disclose the specific time.

On September 21, the Prime Minister allowed Vinalines to sell more shares to slash State holding in Saigon port to as little as 20 percent in a bid to restructure the State-owned enterprises sector. The company has a charter capital of 2.16 trillion VND (96 million USD) with a total asset value of 3.95 trillion VND (176 million USD).

Saigon port operates important ports in the Southern part of Vietnam including, Nha Rong Khanh Hoi, Tan Thuan I, Tan Thuan II and Phu My steel port. The port accounts for 10.5 percent of the overall throughput in the South.

It is planning to link with real estate giant VinGroup (VIC) to form a company to build a commercial centre, passenger terminal and apartments on the side of Nha Rong Khanh Hoi port after the port will be relocated later next year. The venture company, of which Saigon port will hold a 26 percent stake, will receive a total investment of 11 trillion VND (489 million USD). It expects to start the sale of products from 2018 with a planned dividend of over 10 percent per year.

Saigon port plans total sales of 992.5 billion VND (44.1 million USD) and a net profit of 64.2 billion VND (2.9 million USD) for 2015.-VNA