Khanh Hoa Province People’s Committee has registered with the Ha Noi Stock Exchange to offload 13.5 million shares, or 55 per cent stake, in Nha Trang Port JSC.

The transaction is scheduled for between September 5 and October 4 and the shares will be sold via put-through trading.

The Khanh Hoa provincial government is holding more than 15 million shares of the Nha Trang port operator, equal to 61.4 per cent of the company’s charter capital.

The number of shares to be sold by Khanh Hoa Province’s government is also equal to the amount of shares that will be bought by Vinpearl JSC – a member company of property developer Vingroup.

If the deal is completed, Vinpearl JSC will raise its ownership in Nha Trang Port JSC to 85.5 per cent from the current 30.5 per cent. Vinpearl became a shareholder of Nha Trang Port JSC in 2015.

Shareholders of Nha Trang Port JSC approved the deal at the company’s shareholder meeting in early August.

The main business activities of Nha Trang Port JSC include loading, storage, logistics and marine transportation.

In the first half of 2017, the company posted VND28.4 billion (US$1.26 million) in revenue and VND2.57 billion in post-tax profit. — VNS