A Vinalines ship. The group plans to sell nearly 25 per cent of its stake in the International Labour and Services Stock Company (Inlaco-HP). — VNA/VNS Photo
Vietnam National Shipping Lines (Vinalines) will sell approximately 1.52 million shares, equivalent to 24.9 per cent of the International Labour and Services Stock Company (Inlaco-HP).
The shares will be auctioned at a starting price of VND2,700 per share.
Inlaco-HP is among three member companies Vinalines plans to fully divest from by the end of this year. The other two are Tin Nghia Industrial Park Development JSC and Seagull Shipping Company, in which Vinalines holds a 1.15 per cent and a 26.46 per cent stake, respectively.
Vinalines also aims to reduce its ownership at the Vietnam Ocean Shipping JSC (Vosco) and Vinaship JSC in which Vinalines is the largest shareholder, holding a 51 per cent stake. Its ownership will be slashed to 49 per cent in the former and 36 per cent in the latter.
Vinalines is a State-owned enterprise engaging in shipping, port management, maritime services and logistics in Viet Nam and abroad.
Its revenue in the second quarter of 2019 dropped 9 per cent year on year to VND5.56 trillion (US$239 million).
At the end of the quarter, the company posted a loss of VND496 billion, up 325 per cent from the previous year. It attributed the loss to the fact that the company earned less from its dividend payouts and also failed to sell its assets and ships. — VNS