State-owned shipping group Vinalines has bought back its stake in a central port after illegally selling it to a private firm.

Vietnam National Shipping Lines (Vinalines) will auction over 13.44m shares of its holding in Vietnam Transport and Chartering joint stock company (Vitranschart) on 5 December, reported Vietnam media.

The state-owned Vietnam National Shipping Lines (Vinalines) will try a second public share sale of the remaining 480 million shares not purchased at its recent public offering early September, reported Vietnam News. The company said it will come back to the Hanoi Stock Exchange soon to complement its initial public offering (IPO) which attracted little interest.

Vinalines’s IPO fell short of its target of selling a 34.8% stake for $210m, raising just $2.33m (VDN 54.35 Billion) on Hanoi Stock Exchange Wednesday.

Vietnam National Shipping Lines (Vinalines) will auction more than 488m shares in its initial public offering (IPO) at the starting price of VNĐ10,000 ($0.43) per share.

Vietnam’s Prime Minister has approved a privatisation plan of Vietnam National Shipping Lines (Vinalines), report Vietnamese media.

Vietnam’s largest state-owned shipping firm is finally ready to be privatised through an initial public offering (IPO) in the middle of the year, according to Vinalines acting ceo Nguyen Canh Tinh. 

Vietnam Ministry of Transport will decide whether to accept Vinalines’ value estimate at VDN16.74bn ($736.6m) as a basis for its upcoming IPOs, reported Vietnamnet.

VP Bank is set to takeover Vinalines’s 51% stake in the northern Cai Lan International Container Terminal (CICT) in the Quang Ninh province according to local media reports.

Vietnam Shipping Lines Corporation (Vinalines) has completed the process of value assessment to that it can carry out privatisation in the first quarter of next year, according to Vietnamese media.

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