15:07 | 22/08/2018 Companies
Vietnam National Shipping Lines (Vinalines) is welcoming all investors interested in becoming shareholders of the corporation during its initial public offering (IPO) scheduled for September 5 at the Hanoi Stock Exchange.
Vinalines Acting General Director Nguyen Canh Tinh said at a roadshow in Hanoi on August 20 that, as a leading maritime business, Vinalines specialises in seaport exploitation, and marine transportation and services.
The corporation will offer more than 488.8 million shares for sale, equal to 34.8 percent of its chartered capital, at the coming IPO. The initial bidding price is 10,000 VND (US$0.44) per share.
Investors will have to complete registrations and make deposits for the IPO before 15:30 on August 28. Auction tickets should be submitted no later than 16:00 on August 31.
At present, Vinalines operates 14 seaports nationwide and owns the largest area of maritime storage in Vietnam through nine associated companies and subsidiaries. It also owns a fleet of 84 vessels, accounting for 25 percent of the total deadweight tonnage of the domestic sea transport market.
The firm said in recent years, it has successfully restructured and cut down its debt from 9.1 trillion VND (equivalent to US$400.8 million) in 2014 to 2.61 trillion VND (US$114.9 million) in 2017.
Last year, it posted 15.79 trillion VND (US$695.6 million) in consolidated revenue.