Vietnam’s Vinalines acquires 75% stake in Quy Nhon seaport

Photo: Tuan Thanh Cao/Unsplash

Vietnam National Shipping Lines (Vinalines) has acquired a 75 per cent stake in Quy Nhon seaport for VND 415 billion ($17.8 million), local media reported.

HNX-listed Vinalines bought back the stake in the seaport that had earlier had been sold to Hop Thanh Investment & Mineral JSC.

In 2013, Quy Nhon port was transformed into a joint stock company with a charter capital of more than VND 404 billion ($17.3 million). Vinalines owned more than 75 per cent stake of the port while the remaining shareholders held 24.9 per cent.

Quy Nhon port is one of Vietnam’s important seaports with a storage system spanning 20,960 warehouses. In total, it covers an area of 306,568 sq m.

Vinalines in September conducted its initial public offering (IPO) on the Hanoi Stock Exchange (HNX). The Vietnamese government raised VND 54.35 billion ($2.33 million) from selling a 34.8 per cent stake in Vinalines, generating way lower than its lofty target of  $210 million.

Under the initial plan, Vinalines planned to offer 207 million shares, or a 14.8 per cent stake, to strategic investors. The remaining shares were to be sold to employees of the company.

However, the firm did not find a suitable strategic investor even though SK Holdings, South Korea’s third-largest multilateral business conglomerate, had expressed interest.

The state still holds a 65 per cent stake in Vinalines after the IPO.

Vinalines posted net revenue of VND 2.76 trillion ($118 million) in the first quarter, down 10 per cent year-on-year.

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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.