Vinalines to sell 24.9 percent stake at Inlaco-HP hinh anh 1Illustrative image (Source: VNA)

Hanoi (VNA) – The Vietnam National Shipping Lines (Vinalines) is divesting entirely from the International Labour and Services Stock Company (Inlaco-HP), according to the State-run corporation.

Vinalines said it will sell approximately 1.52 million shares, equivalent to 24.9 percent of Inlaco-HP’s total stake, which has face value of 10,000 VND per share. The shares will be auctioned at a starting price of 2,700 VND per share.

Inlaco-HP is among three member companies Vinalines plans to fully divest from by the end of this year. The other two are Tin Nghia Industrial Park Development JSC and Seagull Shipping Company, in which Vinalines holds a 1.15 percent and a 26.46 percent stake, respectively.

Vinalines also aims to reduce its ownership at the Vietnam Ocean Shipping JSC (Vosco) and Vinaship JSC in which Vinalines is the largest shareholder, holding a 51 percent stake. Its ownership will be slashed to 49 percent in the former and 36 percent in the latter.

Vinalines is a State-owned enterprise engaging in shipping, port management, maritime services and logistics in Vietnam and abroad.

Its revenue in the second quarter of 2019 dropped 9 percent year on year to 5.56 trillion VND (239 million USD).

At the end of the quarter, the company posted a loss of 496 billion VND, up 325 percent from the previous year. It attributed the loss to the fact that the company earned less from its dividend payouts and also failed to sell its assets and ships./.