Hanoi approves Vinalines IPO

Hanoi approves Vinalines IPO

The Vietnamese government has approved the IPO plans of state-run Vietnam National Shipping Lines (Vinalines) as part of its efforts to push privatisation among state-owned entities.

The IPO, which is expected in September, will see the Vietnamese government sell around 35% equity in Vinalines to private investors.

According to the company’s IPO plan, around 20% in Vinalines will be offered for sale on the Hanoi Stock Exchange and around 14.8% will be sold to strategic investors.

Following the sale, the government will still be the controlling shareholder of Vinalines with a 65% stake.

In 2012, Vinalines was hit with a debt crisis and many senior executives were arrested for corruption. The company later managed to get back on track through a restructuring in which it sold numerous fleet, port and shipyard assets. It has mooted an IPO for many years.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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