Quy Nhon Port JSC has filed for the listing of 40.4 million shares on the stock market, the HCM Stock Exchange (HoSE) said in a statement on Tuesday.

Quy Nhon Port JSC was founded in 1976 as a State-owned enterprise and managed by Vietnam Marine Department. In 1993, the Ministry of Transport decided to establish the Quy Nhon Port State-owned enterprise.

In 2009, it became a member of Vietnam National Shipping Lines (Vinalines) and later turned into an independent accounting company. The company was equitised in March 2013 with chartered capital of nearly VND404 billion (US$17.7 million).

Following the equitisation, Vinalines was the largest shareholder of Quy Nhon Port JSC with ownership of 75 per cent, while the strategic investor held 12.45 per cent of the company’s capital.

Before the southern port operator submitted the list of shareholders to HoSE, one of its largest shareholders – Hop Thanh Investment and Mineral JSC – on November 3 sold more than 3.3 million shares to reduce its ownership in the port operator to 31.5 million shares, or 78 per cent of the capital.

Quy Nhon Port is located in the Gulf of Quy Nhon and surrounded by the Phuong Mai Peninsula, which has extremely advantageous conditions for vessels to anchor all year round. The port can receive vessels with weight up to 50,000 deadweight tonnage. It has more than 10 maritime routes that are connected to international ports, such as Manila, Singapore, Taiwan and Thailand, as well as Japan and Russia.

In 2016, Quy Nhon Port targeted a total of eight million tonnes of goods to be traded at the port, including over 4.8 million tonnes of export goods. Total revenue is expected to reach VND589.2 billion.

In early December, Quy Nhon Port asked its shareholders to approve the adjustment of this year’s business plan. The company planned to reduce the total volume of traded goods to seven million tonnes, down 12.5 per cent from the initial plan, and halve the pre-tax profit to VND65.5 billion. — VNS