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.
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
According 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).
Illustrative photo.
|
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
According 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).
Other News
- Aircraft manufacturer Embraer seeks comprehensive aviation partnership with Vietnam
- Better links with FDI firms to support Hanoi businesses
- Vietnam calls for more US investment in innovation, hi-tech
- Vietnamese leader urges Boeing to build production facility in Vietnam
- Foreign capital pouring into Vietnam's real estate market
- Vietnam news in brief - August 24
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
Trending
-
Vietnam’s future path hinges on ASEAN robust development: Party Chief
-
Vietnam news in brief - November 24
-
Are Vietnamese people living healthier lives?
-
Finding ways to unlock Hanoi's suburban tourism potential
-
Hang Ma Street gears up for festive season
-
A Hanoi artisan turns straw into appealing tourism product
-
“Look! It’s Amadeus Vu Tan Dan” workshop - an artistic journey for kids
-
Vietnam news in brief - November 15
-
Experiencing ingenious spaces at the Hanoi Creative Design Festival 2024