Vinalines will hold the IPO and operate as a joint-stock company in mid-2018. (Photo vinalines.com.vn) Hanoi (VNA) – TheVietnam National Shipping Lines (Vinalines) is seeking to make its initialpublic offering (IPO) in mid-2018, with an expected chartered capital of 630million USD.
Under the equitisation plan submitted to the government, Vinalines will holdthe IPO and operate as a joint-stock company in mid-2018.
The State is expected to hold 65 percent of its charter capital of over 13.9trillion VND, or 630 million USD.
According to Nguyen Canh Tinh, acting General Director of Vinalines, thecompany will make some changes in its organisation and management after theIPO, in order to expand its access to capital markets and improve capacity andbusiness efficiency.
In the yearly review meeting last week, Vinaline estimated total revenues ofnearly 16 trillion VND in 2017, up 15 percent over its target set for the wholeyear, of which maritime service was the biggest contributor with 7.1 trillionVND in revenue. Port operation and shipping services each accounted for morethan 4.4 trillion VND.
Consolidated profit was estimated at 515 billion VND, the highest in the lastfive years of implementing the restructuring process.
“From being on the verge of bankruptcy five years ago with negative equity ofover 5 trillion VND, Vinalines has transformed to be eligible for equitisationwith total assets of over 18 trillion VND,” Tinh said.
Vinalines is a State-owned enterprise under management of the Ministry ofTransport. It engages in shipping, port management and maritime service, andlogistics aspects in Vietnam and internationally.
It has a 100 percent stake in four companies and controlling stakes (50-70 percent)in 34 subsidiaries, and makes capital contributions to a dozen other companies.-VNA
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