Vietnam National Shipping Lines (Vinalines) is going to sell its entire 88.6 percent stake in Vinalines Shipyard Company via an auction as part of its restructuring process.
Vinalines announced in December 2016 that it planned to transfer its stake in the shipyard, valued at VND262.5bn ($11.9m), to the other stakeholder of the shipyard Vietnam Maritime Development JSC (Vimadeco).
However, Vinalines couldn’t reach a deal with Vimadeco and has decided to sell the shares via auction.
The auction will start on April 24 at Hanoi Stock Exchange and bidders are required to deposit a fund guarantee between March 27 and April 17. The starting price for the auction will be VND82bn ($3.7m).
The loss-making yard liquidated all of its labour contracts in June last year and is currently keeping the minimum required personnel until the fate of the yard is decided.