The Hanoitimes - With the starting price of VND10,000 (US$0.43) per share, the total value of the share amount in subject would be VND54.2 billion (US$2.33 million).
State-run Vietnam National Shipping Lines (Vinalines) is expected to trade 5.4 million shares on the Unlisted Public Company Market (UPCoM) from October 8, local media reported.
With the starting price of VND10,000 (US$0.43) per share, the total value of the share amount in subject would be VND54.2 billion (US$2.33 million).
This was also the amount of shares that Vinalines successfully sold in its initial public offering (IPO) on September 5.
At that IPO, the shipping company raised VND54.3 billion (US$2.33 million), which was below the firm's expectation of at least VND4.89 trillion (US$210 million) from the 488.82 million shares on offer.
Specifically, Vinalines sold 5.43 million shares or only 1.11% of the shares offered at the IPO at an average price of VND10,000 (US$0.43) apiece. A total of 42 investors took part in the auction, of which 40 were individual investors and two organizations, stated HNX.
Under the equitization plan, Vinalines had expected to have charter capital of VND14 trillion (US$603.62 million), for which the share amount to be listed on UPCoM would account for nearly 0.4% of Vinalines' total capital.
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 this year, 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).