Viet Nam National Shipping Lines (Vinalines) will auction more than 488 million shares in its initial public offering (IPO) at the starting price of VND10,000 (US$0.43) per share.

The IPO is scheduled to take place on September 5 on the Ha Noi Stock Exchange.

The offered shares are equivalent to 34.8 per cent of Vinalines’ charter capital.

Period for application and deposit lasts from 8 am on August 8 to 3 pm on August 28. The deadline for the submission of auction tickets is 4 pm on August 31.

South Korean-owned company SK Securities registered to become Vinaline’s strategic investor. However, Vinalines refused as SK Securities does not meet Vinalines’ requests.

“Although they meet the requirement on financial capacity, SK Securities does not commit to supporting Vinalines in technology and human resources. Therefore, Vinalines will not select this investor and we have not yet found a suitable investor in this equitisation,” Vinalines representative said.

Vinalines is a leading company in the field of maritime transportation and logistics, shipbuilding and seaport exploitation in Viet Nam. Some of its affiliates are the Hai Phong Port JSC, Sai Gon Port JSC, the Viet Nam Ocean Shipping JSC, the Viet Nam Sea Transport and Chartering Company and Vinaship.

According to the company’s audited consolidated financial statements for 2017, as of December 31, 2017, Vinalines suffered an accumulated loss of nearly VND3.3 billion. Total assets and equity were VND28.1 billion and nearly VND8 billion, respectively. — VNS