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Vinalines to cut interest in loss-making Vitranschart to 36 per cent
State-run ship giant Vinalines has announced that it will cut the state holding in Vietnam Sea Transport and Chartering JSC (Vitranschart) from 58.03 to 36 per cent to reduce losses.
Vinalines said that it will auction over 13.4 million shares of Vitranschart, or 22.03 per cent of the latter's charter capital, at the starting price of VND1,200 ($0.052) per share.
The auction is planned to be held on December 5, 2018 at the Hanoi Stock Exchange. Vinalines is expected to get over VND16 billion ($695,700) from the sale.
Established in 1975, Vitranschart's core businesses are sea freight, waterway transportation, port operation, warehouses, and logistics services.
According to its consolidated financial statement, in the first nine months of 2018, Vitranschart incurred losses in all business lines, producing a loss of VND182 billion ($7.9 million) in the period and amassing VND1.485 trillion ($64.56 million) in total losses.
As of the end of the third quarter of 2018, Vitranschat's total assets reached VND1.367 trillion ($59.4 million), while total debts hit VND2.228 trillion ($96.87 million), surpassing total assets by 63 per cent.
Vitranschart is one of the 18 member companies that Vinalines will divest. They include Tin Nghia Industrial Park Development JSC, Petec, Sesco, Inlaco Haiphong, Haiphong Maritime Investment and Trading JSC, Dong Do Marine, OSTC (previously NOSCO), and Vinalines Nha Trang.
The ship giant will cut its holdings in nine others, namely VOSCO (from 51 to 49 per cent), Vinaship (from 51 to 36 per cent), Haiphong Port (from 92.56 to 65 per cent), Danang Port (from 75 to 65 per cent), Can Tho Port (from 99.05 to 51 per cent), Cam Ranh JSC (from 80.9 to 51 per cent), Cai Lan Port (from 56.58 to 51 per cent), Transvina (from 56 to 51 per cent), and Khuyen Luong Port (from 49 to 36 per cent).
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