Vinalines to list in Hanoi on September 5

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.

The IPO is scheduled to take place on September 5 on the Hanoi Stock Exchange. The offered shares are equivalent to 34.8% of Vinalines’ charter capital.

Period for application and deposit lasts from 8am on August 8 to 3pm on August 28. The deadline for the submission of auction tickets is 4pm on August 31.

South Korean-owned company SK Securities had registered to become Vinaline’s strategic investor. However, Vinalines refused as SK Securities does not meet Vinalines’ requests.

Read More: Vinalines set for IPO

“Although they meet the requirement on financial capacity, SK Securities does not commit to supporting Vinalines in technology and human resources. Therefore, Vinalines will not select this investor and we have not yet found a suitable investor in this equitisation,” a Vinalines representative told local media.

Vinalines is a leading company in the field of maritime transportation and logistics, shipbuilding and seaport exploitation in Viet Nam. Some of its affiliates are the Haiphong Port, Saigon Port, the Viet Nam Ocean Shipping JSC, the Viet Nam Sea Transport and Chartering Company and Vinaship.

Posted 09 August 2018

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Michele Labrut

Americas Correspondent, Seatrade Maritime News

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