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Vinalines gets PM’s nod to sell 20% stake
The Prime Minister has approved the equitisation plan of Viet Nam National Shipping Lines (Vinalines).
According to the plan, Vinalines will sell 280.9 million shares, equivalent to 20 per cent of its capital, to the public in its initial public offering (IPO) on the Ha Noi Stock Exchange, expected in August.
The minimum bidding price is set at VND10,000 (US$0.44) per share, which values the company at nearly VND14.05 trillion ($616.2 million).
Earlier this month, Vinalines’ acting CEO Nguyen Canh Tinh had said the equitisation would be the combination of State capital divestment and new share issuance.
Vinalines has a charter capital of nearly VND14.05 trillion. After the IPO, the State is expected to hold nearly 913 million shares, accounting for 65 per cent of the charter capital.
Vinalines will offer 207.9 million shares, or 14.8 per cent of its capital, to strategic investors. Some 4.6 million shares, equivalent to 0.32 per cent of capital, will be sold to employees, while the preferred shares for the trade union number 500,000.
Regarding labour arrangement post-IPO, the company will down the number of employees from the current 1,400 to some 1,100. The management board will supervise the corporation until all assets, capital, labour and land of the company are transferred to the newly established joint stock company.
According to the equitisation plan, Vinalines will hold the first shareholders’ meeting within one month of the IPO and change the company into a joint stock company model.
Vinalines’ consolidated revenue in 2017 was reported at VND16 trillion, 14.8 per cent higher than the annual target, resulting in a net profit of VND515 billion.
In 2018, the group expects to earn a revenue of VND13.6 trillion and a profit of VND667 billion.
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