Business

Vinalines to auction over 280 million shares in August

Vietnam National Shipping Lines (Vinalines) is due to sell more than 280 million shares in its initial public offering (IPO) at the Hanoi Stock Exchange (HNX) in early August.
Vinalines to auction over 280 million shares in August ảnh 1Vinalines operates 14 seaports nationwide and owns the largest area of maritime storages in Vietnam through nine associated companies and subsidiaries (Illustrative image. Source: VNA)

Hanoi (VNA) – Vietnam National ShippingLines (Vinalines) is due to sell more than 280 million shares in its initialpublic offering (IPO) at the Hanoi Stock Exchange (HNX) in early August.

The company also plans to debut on the UnlistedPublic Company Market (UpCoM).

Saigon Securities Inc (SSI) was selected as thefinancial advisor for both the IPO and the private placement of Vinalines shares.

According to the equitisation scheme approved byPrime Minister Nguyen Xuan Phuc in June 2018, Vinalines will offer a 20 percentstake in the IPO and a 14.8 percent stake to strategic investors. 

The State will continue to hold 65 percent ofthe company’s charter capital.

About 0.2 percent of the capital will be sold atpreferential prices to Vinalines’ employees and trade unions. 

With face value of 10,000 VND per share,Vinalines expects to earn nearly 4.9 trillion VND (214.8 million USD) from the IPOand share sale to investors.

Vinalines is a State-owned enterprise, managedby the Ministry of Transport. It engages in shipping, port management, maritimeservices and logistics in Vietnam and abroad.

It has a 100 percent stake in four companies andcontrolling stakes (50-70 percent) in 34 subsidiaries, and makes capitalcontributions to a dozen other companies.

Currently, Vinalines operates 14 seaportsnationwide and owns the largest area of maritime storages in Vietnam throughnine associated companies and subsidiaries. It also owns a fleet of 84 vesselsaccounting for 25 percent of the total deadweight tonnage of the domestic seatransport market.

Last year, it posted 15.79 trillion VND (695.6million USD) in consolidated revenue and 682 billion VND (30 million USD) inconsolidated profit, up 7.8 percent and more than 20 times from 2016,respectively. -VNA
VNA
#Vietnam National Shipping Lines #Vinalines #shares #initial public offering #IPO #Hanoi Stock Exchange #HNX #Unlisted Public Company Market #UpCoM #Saigon Securities Inc #equitisation #strategic investors #vietnamplus #Vietnam News Agency
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