Hanoi: The Ho Chi Minh City Stock Exchange has announced the initial public offering (IPO) of Saigon Port will be held on June 30.
Under the announced IPO plan, Saigon Port said it would sell 35.7m shares to strategic investors to raise at lease $19m. The port’s assets are valued at almost VND4 trillion ($186m).
Learning from the IPO failure of other ports in Vietnam including Haiphong, Danang and Quang Ninh, which managed to sell less than 50% of the offered shares, the government has agreed to adjust the state holding from an earlier plan of 75% to 51%, in order to attract more investors.
Vingroup, Vietnam Prosperity Bank and Vietnam Bank for Industry and Trade have registered to buy a combined stake of 102% at Saigon Port.
Saigon Port is a subsidiary of Vietnam National Shipping Lines (Vinalines) and now operates four terminals.
Saigon Port reported a net profit of VND65.4bn, up 72% against 2013 respectively.