Vietnam’s largest stat run shipping company and port operator, Vinalines, announced a new date to launch its initial public offering, which will be in mid-2018.
Vinalines will now be private, but the Vietnamese government will retain a 65%, with the rest planned to be sold to local and foreign investors, acting CEO of Vinalines, Nguyen Canh Tinh, said.
The privatization plan of the shipping firm is now subject to approval by the government, with Vinaline’s capital estimated at about $630 million, local media reported.
According to Mr. Tinh, the company surpassed its target for 2017, as its revenue was estimated at VND16 trillion in 2017. Out of that revenue, port services comprise VND4.4 trillion, while transport services are accounted for VND7.1 trillion.
Vinalines reported a profit of VND515 billion last year, with its asset being over VND18 trillion, Nguyen Canh Tinh informed.
