According to the plan, Vinalines will sell 280.9m shares, equivalent to 20% of its capital, to the public in its initial public offering (IPO) on the Hanoi Stock Exchange, expected in August.
The minimum bidding price is set at VNĐ10,000 ($0.44) per share, which values the company at nearly VNĐ14.05 trn ($616.2m).
Earlier this month, Vinalines’ acting ceo Nguyễn Cảnh Tĩnh had said the equitisation would be the combination of state capital divestment and new share issuance.
Vinalines has a charter capital of nearly $616.2m (VNĐ14.05trn). After the IPO, the state is expected to hold nearly 913m shares, accounting for 65% cent of the charter capital.
Vinalines will offer 207.9m shares, or 14.8% of its capital, to strategic investors. Some 4.6M shares, equivalent to 0.32% of capital, will be sold to employees, while the preferred shares for the trade union number 500,000.
After the IPO, the company will downsize the number of employees from the current 1,400 to some 1,100. The management board will supervise the corporation until all assets, capital, labour and land of the company are transferred to the newly established joint stock company.
According to the equitisation plan, Vinalines will hold the first shareholders’ meeting within one month of the IPO and change the company into a joint stock company model.
Vinalines’ consolidated revenue in 2017 was reported at VNĐ16trn, 14.8% higher than the annual target, resulting in a net profit of VNĐ515bn. In 2018, the group expects to earn a revenue of VNĐ13.6trn and a profit of VNĐ667bn.
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