Vingroup, VPBank and Vietinbank have already signed up to acquire stakes in Sai Gon Port. — Photo ndh

HA NOI (Biz Hub) — Sai Gon Port Company Limited will sell 35.7 million shares, or 16.5 per cent of its equity, to strategic investors.

According to HCM City Stock Exchange (HOSE), these shares will be sold after the company completes its initial public offering (IPO) at rates not lower than the IPO's average price.

Vingroup, VPBank and Vietinbank have already signed up to acquire stakes in Sai Gon Port.

Vingroup has announced plans to acquire 80 per cent of Sai Gon Port's chartered capital, while VPBank and Vietinbank plan to buy 11 per cent each.

As reported on Monday, Sai Gon Port will hold its IPO on June 30, in which a similar number of shares will be auctioned at a base price of VND11,500 per share.

Three per cent of the chartered capital will be sold to the company's employees and its labour union at preferential prices.

After the IPO, the State will hold 64 per cent of the port's chartered capital.

Sai Gon Port expects the IPO to raise its charted capital to VND2.16 trillion ($98.9 million) with a total asset value of VND3.95 trillion ($181 million).

It is now investing VND2.8 trillion ($129.6 million) in building the Sai Gon-Hiep Phuoc Port. Last year, the company recorded VND1.07 trillion ($78.8 million) in combined revenues for pre-tax profits of VND79 billion ($3.65 million).

Sai Gon Port Company Limited, a subsidiary of the Viet Nam National Shipping Lines (Vinalines), transports 10 million tonnes of goods each year.

The company manages four ports in HCM City's District 4 and District 7. The ports have 20 docks and 463,448 square metres of warehouses and shipyards. — VNS