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 worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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