Vinalines continues to auction over 480m shares The Saigon Times Daily A Vinalines vessel docks at Saigon Port. Investors can register for participation in Vinalines’ second tender until September 30 – PHOTO: ANH QUAN HCMC – After launching its initial public offering (IPO) on September 5, as many as 480 million shares of the parent company of Vietnam National Shipping Lines (Vinalines) failed to be sold, leading to arrangements being made for a follow-up auction, reported the VietnamPlus news site. According to Vinalines, investors can register for participation in the second tender until September 30. Tran Tuan Hai, head of Vinalines’ communications division, said the participants will be those investors who successfully bid at the original IPO. Acting general director of Vinalines Nguyen Canh Tinh noted that the parent company of Vinalines was eligible to convert to a joint stock company, as planned in late 2018, in line with prevailing regulations. Shares of the parent company will be listed on the market for unlisted public companies 90 days after the IPO. Tinh remarked that although Vinalines’ performance showed a gradual upward movement and its debt had dropped to 78% against 2014, in general, the shipping sector still faces difficulties and challenges. This was why Vinalines’ IPO had failed to draw interest from the investors, Tinh added. A major South Korean shipping line is currently assessing opportunities for investment in Vinalines to participate in the upcoming auction. Some 5-6% of the stake may be purchased by the firm, Tinh revealed. Early… [Read full story]
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