Vietnam’s Shipbuilding Industry Corporation (SBIC), previously Vinashin, will sell its entire 7.53% stake in PetroVietnam Marine Shipyard (PV Shipyard), as part of its efforts to restructure its capital.
SBIC will sell its 4.48m shares with a starting price of $0.45 per share on Ha Noi Stock Exchange on October 21.
The disposal is part of the Vietnamese government’s call for state-owned enterprises to divest in non-core business sectors.
PV Shipyard is a subsidiary of the state-owned Vietnam National Oil and Gas Group (PetroVietnam), which engages in construction, conversion, upgrade and repair of offshore rigs and structures.
The Vietnamese government rebranded Vinashin to SBIC in 2013 following the restructuring of more than 200 companies of Vinashin, which was suffering huge losses and involved in a series of corruption scandals.