Vietnam National Shipping Lines to hold IPO in August

Vietnam National Shipping Lines to hold IPO in August

The Vietnam National Shipping Lines Vinalines is scheduled to carry out its initial public offering IPO in August according to the firm latest equitisation plan recently submitted to the Prime Minister for approval
vietnam national shipping lines to hold ipo in august

This is the second time in three months and the third time since 2014 an equitisation plan for Vinalines has been submitted for approval.

Acting Director General of Vinalines Nguyen Canh Tinh said the latest plan was built basing on the Government’s Decree 126/2017/ND-CP on transforming State-owned enterprises into joint stock companies.

Accordingly, the business will sell part of its State capital while issuing shares to raise charter capital. The State will hold 65% of the charter capital, equivalent to 912.99 million shares, while another 14.8% or 207.89 million shares will be sold to investors. About 0.16% or 2.29 million shares and 0.04% will be sold at preferential prices to the firms’ employees and trade union, respectively.

As of the first quarter of 2018, Vinalines owned a fleet of 92 ships, contributed capital to 14 seaport businesses, and operated 67 wharves or 27% of total wharves nationwide.

If the equitisation is successful, it will have charter capital of more than VND14 trillion (US$613.2 million), including over VND11.9 trillion (US$521.2 million) of State capital. With a planned price of VND10,000 per share, more than 1.4 billion shares will be offered at the IPO in total.

Compared to the previous plan submitted to the Transport Ministry last December, Vinalines’ charter capital under the latest plan will rise by VND130 billion (US$5.69 million).

After the IPO, the first shareholders’ general meeting is set to take place in September 2018, Tinh noted.

Source: VNA

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