Vietnam Ocean Shipping Agency Corporation (VOSA) will be publicly listed on the Hanoi Stock Exchange within the next few months, the over-the-counter company announced during its recent shareholder meeting.
It has pledged a listing schedule of 11.65 million shares, as soon as possible.
In 2014, VOSA disposed its entire holding of 49 per cent in a joint venture with Tokyo-based NYK Line, selling to the Japanese partner. In addition, Singapore’s Yusen Logistics fully acquired the Yusen Logistics Solutions Vietnam Co Ltd joint venture, receiving 50 per cent transferred from VOSA.
The transactions helped the company’s profit before tax to touch more than VND61 billion ($2.8 million) in the year, jumping 45 per cent over 2013. For this fiscal, VOSA is aiming for a VND56.5 billion in profit.
The company does not expect such another M&A deals in the current year.
It will focus on implementing logistics property projects. Its subsidiary VOSA Land, in which VOSA holds 51.5 per cent, has been established to develop the production and business centre at Ben Van Don street, Ho Chi Minh City.
VOSA will divest from VOSA Land when the project completes, the company said. It will also divest from the local Maritime Bank to concentrate resources on the shipping business.
VOSA, a unit of the Vietnam National Shipping Lines, has another major project in Ho Chi Minh City – the seven-storey Vitamas office building with an investment capital of VND26.8 billion, which is slated to start construction in the third quarter.
The company also has a new warehouse that will be put into use in August.
VOSA plans to pay dividends in 2015 to shareholders at 12 per cent, lower than the 17 per cent mark last fiscal.
Read recent Vietnam IPO stories: