Wednesday, 17 Jan 2018
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INVESTMENTOPPORTUNITIES

Vinalines to sell 30% shares to strategic investors

Updated at Saturday, 06 Jan 2018, 07:32
The Hanoitimes - The Ministry of Transport has submitted to the government the equitization plan for Vietnam National Shipping Lines (Vinalines), for which the government currently holds 65% of the chartered capital.
According to this plan, the Ministry of Transport decided to divest state fund from Vinalines in parallel with issuing stakes to increase chartered capital. Specifically, Vinalines will increase its chartered capital to 14 trillion VND or 616 million USD (equivalent to 1.4 billion shares with 10,000 VND per share) after completing the equitization process, in which the government owns 904.5 million shares, equivalent to 65% of the company’s chartered capital.
 
Vinalines will sell 30% of its chartered capital to strategic investors.
Vinalines will sell 30% of its chartered capital to strategic investors.
In addition to the preferred shares sold to employees (0.13% of chartered capital), Vinalines will sell 30% of its chartered capital to strategic investors. The remaining shares of 67.3 million shares, equivalent to 4.84% of chartered capital will be opened for public auction at the Hanoi Stock with initial price offering of 10,000 VND per share. 

Previously, in the beginning of December 2017, based on the request from Vinalines, the Ministry of Transport approved the value of Vinalines as of December 31 2016 to be 18 trillion VND (roughly 792 million USD), including 11.9 trillion VND (523 million USD) worth of state fund. As of present, there are no strategic investor confirming its intention to purchase Vinalines shares. The equitization process, thus, will be carried out in conformity with the law after the Prime Minister approved the equitization plan. 

To become strategic investor, interest parties must be enterprises operating in maritime transport & services and seaport. Moreover, investors in subject must have profit in 2-year time before registering to purchase stakes and sustain no loss at the most recent time. 

For investors being enterprises operating in other fields or financial institutions, in addition to the above criteria, investors must have chartered capital of over 1 trillion VND (44 million USD).

In the future, Vinalines aims to synchronously develop its seaport system, fleet and logistic infrastructure in order to create a full service supply chain to improve its competitiveness. Strategic investors, besides having a chance to buy into the corporation, will be the owners of the key port projects that Vinalines will carry out in 2017-2020.

Currently, Vinalines owns a fleet of ships with capacities topping more than two million tons, accounting for 25% of the nation’s total. The corporation is managing and operating15 seaports, with a total handling capacity of 80.6 million tons a year, up 3% compared to original plan. Vinalines is also a provider of maritime and logistic services with warehousing and ICD systems in major cities and along major seaports in Vietnam.

As per the plan approved by the government, from now to 2020, Vinalines will develop and operating seaports in strategic locations to play a vital role in the overall transportation network of the country. Vinalines will prioritize investment in the development of deep-water ports and international transshipment ports with the potential to become large seaports capable of competing with regional cargo transshipment hubs. Vinalines’s revenue in 2016 reached 14.9 trillion VND, up 19.1% compared to 2015, with profit of 48 billion VND.
Ngoc Thuy
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