Vinalines to sell Hai Phong Port shares

Thursday, Jan 22, 2015 17:38

Vinalines is expected to sell its shares divested from Hai Phong Port to the Viet Nam - Oman Investment Joint Stock Company. — Photo

HA NOI (Biz Hub) — The Viet Nam National Shipping Lines (Vinalines) has announced its plan to divest itself of shares in the Hai Phong Port Joint Stock Company.

An official from Vinalines told Biz Hub that the corporation's shares in the port company will be sold to the Viet Nam - Oman Investment Joint Stock Company (VOI), after the company finishes its assessment of Hai Phong Port and the transaction is cleared.

Vinalines has held 94.68 per cent of the shares of Hai Phong Port since it was equitised on July 1, 2014.

The government has allowed Vinalines to sell between 19.66 per cent and 29.58 per cent of its shares in the company. The divestment will be carried out in accordance with current regulations, ensuring that Vinalines' controlling stake ranges between 65 per cent to 75 per cent of the port company's charter capital of VND3,296 billion (US$154.74 million).

In a plan sent to the Transport Ministry, Vinalines reported that it will hold a 65 per cent stake in Hai Phong Port, equal to 97 million shares.

The transfer price should not be lower than the average auction price of VND13,507 ($0.6) per share, offered during Hai Phong Port's initial public offering in May last year.

At the end of 2014, the port had earned VND1.47 trillion ($69 million) in revenue, making an after-tax profit of nearly VND180 billion ($8.45 million).

If the transaction is cleared, VOI will support the port in administration and technology for exploitation, as well as seek partners and customers for it in the future. — VNS

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