The Government Inspectorate last year found that Vinalines, under the Ministry of Transport, had illegally sold its stake to Hop Thanh Investment & Mineral JSC without the government’s approval. The inspectors demanded that Vinalines buy back its stake.
Vietnam National Shipping Lines (Vinalines) has acquired a 75% stake in Quy Nhon seaport for VND415bn ($17.8m), local media reported.
Quy Nhon is located in the Binh Dinh province, in the SouthCentral Coast region. Vinalines will take over the port next month, the company said.
In 2013, Quy Nhon port was transformed into a joint stock company with a charter capital of more than VND 404bn ($17.3m). Vinalines owned more than 75% stake of the port while the remaining shareholders held 24.9%.
In September 2018 Vinalines conducted its initial public offering (IPO) on the Hanoi Stock Exchange. The Vietnamese government raised only VND 54.35bn ($2.33m) from selling a 34.8% stake in Vinalines but did not match its target of $210m. The Group did not find a suitable strategic investor.
The government still holds a 65% stake in Vinalines after the IPO.
Vinalines posted net revenue of VND 2.76 trillion ($118m) in the first quarter of 2019, down 10 % compared to the same period a year ago.