Sunday, 21 Oct 2018
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INVESTMENT

Vinalines expects to raise US$210 million in upcoming IPO

Updated at Friday, 10 Aug 2018, 13:11
The Hanoitimes - The firm`s IPO has been delayed several times as it needed to undergo a longer-than-expected restructuring process.
State-run Vietnam National Shipping Lines (Vinalines) is expected to raise at least VND4.89 trillion (US$210 million) from its initial public offering (IPO) schedlued for September 5, announced the group on its website. 
 
Illustrative photo.
Illustrative photo.
Under the plan, the shipping firm will offer 488.82 million shares or 34.8% of its charter capital in the IPO at a starting price of VND10,000 (US$0.43) apiece. The IPO will be held at the Hanoi Stock Exchange.  

After the IPO, the government will retain 913 million shares, equivalent to a 65% stake. Another 2.8 million shares or 0.2% of charter capital will be sold to employees

A
ccording to the initial prime minister-approved equitization scheme in June, Vinalines would offer 207.2 million shares or a 14.8% stake to strategic investors, and 280 million shares, or a 20% stake in the IPO. However, the move failed to materialize. The share amount of 207.2 million has now been added up to the amount to be offered at the IPO. 

The firm's IPO has been delayed several times as it needed to undergo a longer-than-expected restructuring process.

Vinalines currently manages and operates a diverse fleet including container ships, bulk carriers, oil tankers, and other types of cargo vessels. The Vinalines fleet has large bulk carriers up to 73,000 DWT, 1,800 TEU container ships, and 50,000 DWT oil tankers.

Of the total of 130.9 million tons of cargo shipped last year by Vietnamese vessels, Vinalines' fleet took 20.2%. 

By the end of 2017, Vinalines had completed divestment in 39 companies for VND2.4 trillion (US$105 million) in return, resulting in a net profit of VND360 billion (US$15.8 million).

Overall, the firm saw its debt reduced by VND10.6 trillion (US$440 million) in period 2014 - 2017, according to Le Quang Trung, vice general director of Vinalines. 

In the first six months, Vinalines posted revenue of VND533 billion (US$22.83 million) and net loss of VND1.14 trillion (US$48.83 million). For the remaining six months, Vinalines targeted profit of VND143 billion (US$6.12 million). 
Nguyen Tung
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