Vinalines valued at $982m, plans IPO

Visual from Vinalines homepage

Vietnam National Shipping Lines (Vinalines) has just been re-valued at VND 21 trillion ($982 million) by the Committee of Equitization in a plan to launch its IPO in the first quarter of 2015.

The new value of Vinalines has been increased by VND 2.9 trillion ($135.6 million) compared to the company’s book value.

Vinalines officials are urging the committee to finish its equitization plan for the share auction in the first quarter of 2015, in which Vinalines will divest about 65 to 70 per cent equity stake.

Vinalines also announced a divestment of 13.2 million shares, equivalent to 21.08 per cent, in the Danang Logistic Company (Danalog) at the starting price of VND 12,000 per share.

Recently, Vinalines had announced reducing stake in several major ports, including the historic Saigaon Port to raise VN 2 trillion  (about $93.5 million).

Vinalines has been divesting in several of its subsidiaries (Maritime Bank, NhaTrang Port, Vinalines Real Estate JSC, Vat Cach Port Corp, Maritime Engineering and Services JSC) as part of its restructuring process.

Nguyen Hong Truong – Deputy Minister of Transportation and Head of the Committee of Equitization – said that the government is willing to let go of a huge proportion of the equity stake in Vinalines because they do not need to hold controlling stake. He added that the divestment target is possible to achieve as Vietnam has a very long coastal line and the maritime transport market is recovering gradually.

The government plans that Vinalines will float at the same time as the Saigon Port, which has been valued at VND four trillion ($187 million). Although a decree passed by the PM in June defines that the state must hold more than 75 per cent equity stake in ports and harbors, a recent announcement said that the government is willing to reduce ownership to about 51 per cent in major ports such as HaiPhong, Da Nang, SaiGon.

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.