Sai Gon Port to launch IPO this month

Sai Gon Port Company Limited will launch its initial public offering (IPO) on the HCM City Stock Exchange on June 30, HOSE said on June 1.

HOSE noted that Sai Gon Port has an estimated charter capital of VND2.162 trillion (US$98.9 million) and an asset value of VND3.955 trillion ($181 million)

Earlier, the Government regulated that the State will hold at least 51 per cent of stake in the port. In March 2015, the Ministry of Transport submitted a plan to sell 80 per cent of the port's stake to a local real estate developer, Vingroup.

Sai Gon Port has been operating important ports in HCM City and neighbouring Ba Ria-Vung Tau Province. The port also owns a large land slot in the area.

Founded in 1860 in HCM City, the port has operated in the local seaport industry. It offers various services, including mooring, ship handling, container handling, cargo handling, as well as container delivery, inspection delivery, and container and cargo tracking.

The company also provides container transshipment services.

Sai Gon Port will sell 20-25 per cent of stake to its strategic investors who will buy the shares under negotiated deals and for not lower than the lowest prices set in its IPO.

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