Under the equitisation plan submitted to the government, Vinalines will hold the IPO and operate as a joint-stock company in mid-2018.
The State is expected to hold 65 percent of its charter capital of over 13.9 trillion VND, or 630 million USD.
According to Nguyen Canh Tinh, acting General Director of Vinalines, the company will make some changes in its organisation and management after the IPO, in order to expand its access to capital markets and improve capacity and business efficiency.
In the yearly review meeting last week, Vinaline estimated total revenues of nearly 16 trillion VND in 2017, up 15 percent over its target set for the whole year, of which maritime service was the biggest contributor with 7.1 trillion VND in revenue. Port operation and shipping services each accounted for more than 4.4 trillion VND.
Consolidated profit was estimated at 515 billion VND, the highest in the last five years of implementing the restructuring process.
“From being on the verge of bankruptcy five years ago with negative equity of over 5 trillion VND, Vinalines has transformed to be eligible for equitisation with total assets of over 18 trillion VND,” Tinh said.
Vinalines is a State-owned enterprise under management of the Ministry of Transport. It engages in shipping, port management and maritime service, and logistics aspects in Vietnam and internationally.
It has a 100 percent stake in four companies and controlling stakes (50-70 percent) in 34 subsidiaries, and makes capital contributions to a dozen other companies.
VNA/VNP
