Quang Ninh Port Company to launch IPO

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The Quang Ninh Port Company plans to launch its initial public offering (IPO) at the Ha Noi Stock Exchange on May 23.

A corner of Quang Ninh Port. — Photo quangninhport.com.vn

HA NOI (Biz Hub) — The Quang Ninh Port Company plans to launch its initial public offering (IPO) at the Ha Noi Stock Exchange on May 23.

More than 11.3 million shares will be sold in the IPO, accounting for 22.62 per cent of the company's registered capital, at an initial price of VND11,000, or US$0.52, per share.

The company was established in 1977 and has been under the ownership of the Vietnam National Shipping Lines (Vinalines) since 2007. The company's main activities include the loading and unloading of cargo, renting out of quays and wharves and supplying warehouse and pilotage services. Between 60 per cent and 70 per cent of the company's revenue comes from the loading and unloading of cargo service.

The port, located in the Ha Long Bay area, can handle vessels with a capacity of up to 75,000 tonnes.

The company has registered capital of nearly VND500.5 billion, or $28.8 million, of which the State owns 75 per cent. — VNS

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