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Vinalines auctioning 22% stake in chartering company Vitranschart

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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 shares, accounting for a 22.03% stake of Vitranschart, will be auctioned at the Hanoi Stock Exchange at the starting price of VNĐ1,200 ($0.5 cents) a share.

Vinalines is currently Vitranschart’s parent shareholder with a total of 35.4m shares, equivalent to 58% of the firm’s voting shares in circulation. Currently, Vitranschart is trading at VNĐ700 per share.

Vitranschart reported a loss of more than VNĐ182bn in the first nine months of 2018. Although this figure was VNĐ40bn lower than in the same period last year, the loss contributed to raising the accumulated loss to VNĐ1.485trn ($63.54m) and a negative equity of VNĐ860bn.

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This is the seventh consecutive year Vitranschart recorded a loss since the crisis in the marine transport sector in 2012. The loss was attributed to costs being higher than revenues, the rise of expenses due to interest rates and exchange rate differences.

Till date, the company’s total assets were nearly VNĐ1.37trn and liabilities were up to approximately VNĐ2.23trn, surpassing 63% cent of total assets. This year, Vitranschart set a business target of losing VNĐ302.2bn.

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