Hanoi: Vinalines is a celebrating a rare success in its roll out of port IPOs as mandated by government. Despite minimal take-up by investors to date in its series of port offerings, every share in Nghe Tinh Port was snapped up at the end of last month, local media have reported. Indeed, the port’s IPO was 2.2 times oversubscribed. Vinalines raised $2.4m from the port sale.
The government has forced the nation’s top line to divest itself of assets as part of restructuring plans. Results for the first five ports listed prior to Nghe Tinh were disappointing with minimal take up down to the fact that the state was only willing to offload 25% takes in each port. Another issue has been the reported losses made at most Vietnamese ports in recent years. [13/01/15]
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