Vietinbank looks to take slices of Vinalines’s IPO offerings

Hanoi: Vietinbank, Vietnam’s second-largest bank by assets, would like Viet Nam National Shipping Lines (Vinalines) to name it as a strategic investor at its ports which are set to list in the coming months. This is expected to act as a means of debt payment.

Vinalines, struggling under a mountain of debt, plans to equitise eight companies this year, including Sai Gon Port, Cam Ranh Port, Nghe Tinh Port and Can Tho Port. Nam Can Port, Vinalines Hai Phong, Vinalines Shipping Company and Vinalines Container Shipping Company are also among the targeted companies. If the plan gets approval, Vietinbank and Vinalines will negotiate swap ratios and the percentage of stake in every single deal.  [18/04/14]

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