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Tag: vinalines

  • Vinalines to build 2 terminals at $299 mln in Lach Huyen Port

    Vinalines to build 2 terminals at $299 mln in Lach Huyen Port

    Vinalines is seeking approval from the government for building two container terminals at Lach Huyen Port in northern Hai Phong City.

    Nguyen Canh Tinh, director of the state-run Vietnam National Shipping Lines (Vinalines), said its subsidiary, Haiphong Port JSC, would build terminals No.3 and No.4 at the port.

    He said the Haiphong Port JSC used to work mainly at Hoang Dieu terminal, which has now been taken over for the construction of an urban area, and so new terminals are needed in its place.

    The two proposed terminals would have a total length of 750 meters and the capacity to handle vessels of up to 100,000 DWT (8,000 TEU), and cost around VND7 trillion ($299 million), he said.

    Vinalines and Hai Phong Port JSC, in which Vinalines owns a 65 per cent stake, also plan to develop a logistics center of around 250ha in the area to optimize the handling, storage, processing, and distribution of cereals.

    Tinh said the investment in the terminals would be a strategic step in the company achieving its plan to handle around 30 percent of cargo at ports nationwide by 2020.

    Lach Huyen is set to become a modern port complex and the only one in the north that can berth ships of up to 150,000 tons.

    It is expected to have nine terminals with a combined length of 3,000 meters by 2020.

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  • Vietnam’s Vinalines raises fraction of target in IPO

    Vietnam’s Vinalines raises fraction of target in IPO

    Vietnam National Shipping Lines, a state-owned shipping firm, raised VND54.3 billion ($2.33 million) from an initial public offering (IPO) on Wednesday.

    The figure was far below its target of VND4.89 trillion, the Hanoi Stock Exchange said on Wednesday.

    The company, better known as Vinalines, sold 5.43 million shares or only 1.11 percent of the shares offered at the IPO at an average price of VND10,002 apiece.

    Vinalines sold the shares to 39 individual investors and two corporate investors. Foreign investors bought 6,200 shares.

    Last month, bookrunner Saigon Securities Inc had said that Vinalines was seeking to raise around $210 million from the sale of 488.82 million shares, or a 34.8 percent stake, at the IPO.

    $1 = 23,313 dong

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  • Vietnam’s Vinalines to go public in September

    Vietnam’s Vinalines to go public in September

    Vietnam’s largest shipping firm and port operator has been given the go-ahead by the Prime Minister to hold its initial public offering (IPO) later this year.

    The equitization plan of State-owned Vinalines, or Vietnam National Shipping Lines, is a combination of divestment and share issuance.

    Nguyen Canh Tinh, acting general director of Vinalines, said the company will auction more than 280 million shares, equal to 20 percent of its total chartered capital of VND14.04 trillion ($616.6 million), on the Hanoi Stock Exchange in September. The shares will carry the code VLG.

    Around 207 million shares, or 14 percent of the capital after equitization, will be offered to strategic investors, and another 2 percent stake earmarked for employees and the trade union as preferred shares.

    The State will retain a 65 percent stake in the company, equal to nearly 913 million shares.

    Vinalines has been in talks with several investment funds, and some multinational companies and shipping firms from Japan, Thailand and South Korea about the share sale. South Korean automaker Hyundai Motor has expressed its interest in buying Vinalines shares.

    Vinalines, under the management of the Ministry of Transport, engages in shipping, port management and maritime service, and logistics activities in Vietnam and international markets.

    It posted a consolidated revenue of VND16 trillion in 2017, beating its annual target by 15 percent, resulting in a net profit of VND515 billion. Of that revenue, over VND4.4 trillion came from port services and VND7.1 trillion from transport services.

    Its assets were valued at more than VND18 trillion last year.