Vietnam’s shipping major Vinalines to sell 35% stake in IPO in mid-2018

Vietnam National Shipping Lines (Vinalines) will sell a 35 per cent stake to investors at its initial public offering (IPO) to be held in the second quarter of 2018, according to its acting CEO Nguyen Canh Tinh.

He told the local media that Vinalines will conduct the IPO in mid-2018. The government will retain a 65 per cent stake in the firm, while investors will be able to buy the remaining 35 per cent.

Under the equalization project which is awaiting approval from the government, Vinalines’ charter capital is estimated at VND13.916 trillion ($612 million), Tinh told local media.

Vinalines will sell 30 per cent of its charter capital to strategic investors while 4.84 per cent will be publicly auctioned on the Hanoi Stock Exchange with a starting price of VND10,000 ($0.44) per share, Tran Tuan Hai, Head of Communication and Development Strategy of Vinalines was quoted as saying, adding that the remaining 0.13 per cent of the charter capital will be sold to employees of the company.

However, up to now, no investor has registered to become a strategic partner although Vinalines has actively sought and negotiated with Rent A Port, Deep C, and others.

Vinalines’ 2017 revenue was estimated at VND16 trillion ($702.4 million), exceeding the annual target by 15 per cent. Profit was VND515 billion ($22.6 million) and total assets stood at over VND18 trillion ($790 million). It targets consolidated profit of $75.8 million on revenue of $757.7 million by 2020.

Also Read:

Vinalines to trim holdings in Hai Phong, Saigon ports to 20%

Vietnam based Vinalines plans to retain majority stake in Hai Phong Port

VN Dealbook: Vinalines to reduce stakes in subsidiaries to 20%, SCIC to fully divest from supermarket Intimex

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.