Hanoi: The Prime Minister of Vietnam has agreed to revise part of the restructuring plan of state-owned Vietnam Shipping Lines Corporation (Vinalines), allowing the firm to reduce its capital holding in several large seaports in Vietnam.
Vinalines was approved to retain from 50% to 65% of its chartered capital in Saigon Port, Can Tho Port, Nghe Tinh Port and Cam Ranh Port companies when these firms begin restructuring.
Vietnam's Ministry of Transport has also approved plans to wind up some of Vinalines' subsidiary businesses, including its ship repair firm Vinalines Dong Do; Ben Dinh-Sao Mai Port Development and Vinalines’ maritime training college.
The Prime Minister of Vietnam approved Vinalines’ restructuring plan for the period of 2012-2015 in 2013. The company completed its value assessment earlier this month and is planning an initial public offering next year. [31/12/14]
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