JavaScript is off. Please enable to view full site.

​Vietnam's Vinalines seeks to raise $210 mln in Sept 5 IPO

Thursday, August 09, 2018, 11:26 GMT+7

Vietnam National Shipping Lines, a state-owned shipping firm, is seeking to raise around VND4.89 trillion (US$210 million) from an initial public offering (IPO) next month, bookrunner Saigon Securities Inc. said on Wednesday.

The company, better known as Vinalines, will auction 488.82 million shares, or a 34.8 percent stake, at a price of VND10,000 ($2.33) a piece at the Hanoi Stock Exchange on September 5, Saigon Securities said in a filing.

The IPO is part of Vietnam’s broader privatisation programme to increase the efficiency and performance of state-owned firms, and to fill government coffers as public debt nears the mandated ceiling of 65 percent of its gross domestic product (GDP).

Vinalines reported a net profit of VND748 billion ($32.19 million) last year, up 92 percent from 2016, after suffering losses in the early 2010s when several of its executives were jailed for mismanagement and embezzlement.

The company’s total assets were VND28.14 trillion ($1.21 billion) at the end of last year, down three percent from end-2016, Vinalines said.

The Vietnamese government has ambitious privatisation plans and is aiming for IPOs for 64 state companies this year.

Vinalines’ IPO will be the latest of the government’s divestment after it raised $922 million from selling a stake in Vietnam Technological and Commercial Joint Stock Bank in an IPO in April.

Reuters / Tuoi Tre News


Read more




Experience summer sand-boarding in Mui Ne

Sand-boarding, a popular activity amongst local children in the coastal tourism town of Mui Ne in south-central Vietnam, is attracting hundreds of tourists to the Red Sand Dunes

Young maple trees given better protection as Hanoi enters rainy season

The trees are currently growing well, with green leaves and healthy branches.

Hunting skinks for food in southern Vietnam

Skink meat is known to be soft, tasty, and highly nutritious.

Vietnamese-made app allows people to grow real veggies via smartphone

Nguyen Thi Duyen, a young engineer in Hanoi, developed the app and its related services to help busy people create their own veggie gardens.

Chinese tourists hit by Vietnamese over dine and dash

Four Chinese were reportedly injured, with one having a broken arm.

Latest news