Vinalines operates 14 seaports nationwide and owns the largest area of maritime storages in Vietnam.
(Photo: baodautu.vn)

Hanoi (VNA) – The Vietnam National Shipping Lines (Vinalines) will offload nearly 489 million shares in its initial public offering (IPO) scheduled on September 5 at the Hanoi Stock Exchange.

A roadshow will be organised by Vinalines in collaboration with the Sai Gon Securities Incorporation on August 20 to introduce investment opportunities.

According to a Vinalines representative, the shares to be offered are equivalent to 34.8 percent of the corporation’s total charter capital.  They will be sold at the starting price of 10,000 VND.

The time for application and deposit lasts from 8:00 on August 8 to 15:30 on August 28. Auction tickets should be submitted no later than 16:00 on August 31.

In June, Vinalines announced it will put up 20 percent of its charter capital, equivalent to 280.9 million shares, for the IPO slated in August while another 14.8 percent or nearly 207.9 million shares will be sold to strategic investors.

However, the Ministry of Transport could not find eligible strategic investors, so it has decided to offer an extra 14.8 percent at the IPO.

At present, Vinalines operates 14 seaports nationwide and owns the largest area of maritime storages in Vietnam through nine associated companies and subsidiaries. It also owns a fleet of 84 vessels accounting for 25 percent of the total deadweight tonnage of the domestic sea transport market.

The firm said in recent years, it has been restructured successfully and cut down its debt from 9.1 trillion VND (equivalent to 400.8 million USD) in 2014 to 2.61 trillion VND (114.9 million USD) in 2017.

Last year, it posted 15.79 trillion VND (695.6 million USD) in consolidated revenue and 682 billion VND (30 million USD) in consolidated profit, up 7.8 percent and over 20 times from 2016, respectively.-VNA