The actual value of the holdings Vinalines, at 31 December 2013, is approximately VND21trn ($1bn) compared to the book value of about VND18.2trn. In particular, the value of the state capital in the enterprise is more than VND8.3trn, according to Vietnam’s media.
After the evaluation result is approved by the Equitisation Steering Committee of Vinalines, it will be submitted to the Ministry of Transport next month for Minister Dinh La Thang’s approval of its equitisation.
Media reported that Vinalines will conduct an initial public offering at the same time with the Saigon Port in the first quarter of 2015. Earlier this month, the value of Saigon Port was also identified, at approximately VND4trn. Saigon Port is a subsidiary of Vinalines.
The state could sell 65-70% stake in this business because the shipping industry is not the area that the state needs to hold controlling stakes. However, according to a decision issued by the Prime Minister in June, the state will still hold from 50% to 65% stake in the marine shipping industry and 75% or more at important seaports. Nevertheless, the government recently agreed to adjust the percentage of shares owned by the state to 51% at key ports such as Hai Phong, Da Nang and Saigon.
Vinalines chairman Nguyen Ngoc Hue told Seatrade Asia Week recently that the company would start a road show to find investors and reduce the company participation in most of its major ports.
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