Gemadept to form two subsidiaries for water transport

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Gemadept Corporation has announced the establishment of two subsidiary companies that will specialise in sea, inland water and land transport, for a total chartered capital of VND204.1 billion (US$9 million).

Gemadept Corporation establishes two subsidiary companies with a total chartered capital of VND204.1 billion. — Photo vietnambiz.vn

Gemadept Corporation has announced the establishment of two subsidiary companies that will specialise in sea, inland water and land transport, for a total chartered capital of VND204.1 billion (US$9 million).

The announcement was made after the resolution was approved at Gemadept’s annual shareholders’ meeting.

The corporation will now set up Gemadept Shipping Holding Company Limited and GMD Shipping One Member Company Limited, whose focus will be coastal and ocean freight, inland waterway transport and other related activities that support the transport sector.

While Gemadept Shipping Holding has a chartered capital of VND140.8 billion, GMD Shipping has a chartered capital of VND63.3 billion. Both companies are located in District 1, HCM City.

Recently, Gemadept successfully issued 108.8 million shares for debt swaps worth roughly $51 million to Viet Nam Investment Fund II, L.P.

After the issuance, Gemadept raised its chartered capital to VND2.882 trillion. — VNS

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