Tuesday,  Jun 19, 2018,10:14 (GMT+7) 0 0
Higher requirements set for Vinalines investors
Le Anh
Thursday,  May 31, 2018,20:20 (GMT+7)

Higher requirements set for Vinalines investors

Le Anh

HCMC – The Ministry of Transport has raised requirements for enterprises that want to become strategic investors of Vietnam National Shipping Lines (Vinalines) so as only firms with strong finances will be able to take part in its equitization process.

According to a recent equitization scheme of the enterprise, the ministry requires minimum chartered capital of VND1 trillion for investors operating in the same sector while the level for those outside the shipping sector is VND2 trillion. The figures are double the previous plan which the ministry presented in December 2017.

Besides, all investors must meet common standards such as profitability in the two latest years before registering to purchase stakes and sustaining no losses. Becoming strategic investors of the company, they must pledge to maintain its core business within at least three years.

According to a source from the ministry, no enterprises have joined Vinalines’ equitization process as they wish to hold a controlling stake of more than 51%.

As per the new equitization plan, the State will reduce its ownership at Vinalines while it will issue additional shares to spur chartered capital. After going public, Vinalines will have chartered capital of more than VND14 trillion, VND130 billion higher than that in the 2017 plan.

Vinalines will offer over 1.4 billion shares in its initial public offering (IPO) at the starting price of VND10,000 each. The State will retain a 65% stake in the enterprise while it will sell 207.8 million shares, or 14.8%, to strategic investors, nearly 2.3 million shares, or 0.16%, to employees and 0.04% to the trade union.

Due to the revision, the firm’s IPO will be delayed until August and the first annual general meeting is slated to take place in September.

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