Illustrative photo (Source: VNA)

Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc has approved a plan on the restructuring of the mother company of Vietnam National Shipping Lines (Vinalines) in the form of selling State capital and issuing more stocks to increase its charter capital.

Vinalines’ current charter capital is more than 14.04 trillion VND. It owned 1.4 billion shares at the price of 10,000 VND each. Of the total, 912.933 million shares, or 65 percent of the firm’s charter capital, belong to the State.

More than 2.29 million shares, or 0.16 percent of the charter capital, will be sold to labourers of the firm, while some 207.89 million shares, 14.8 percent of charter capital, will be sold to strategic investors.

The number of shares designated for open auction is nearly 281 million, accounting for 20 percent of Vinalines’ charter capital.

The adjustment in the structure of Vinalines’ charter capital following share sales was first implemented in November 2017.

The initial price for one share of Vinalines is 10,000 VND (0.44 USD) per share.

The IPO will be launched in the form of auction through the Hanoi Stock Exchange.-VNA