HANOI: Sai Gon Port JSC is preparing the necessary documents to register shares with securities authorities by end of this year and begin trading soon after. This information was announced at the first shareholders’ meeting of the company yesterday in HCM City.
The operator of Viet Nam’s most important port with a 155-year history sold over 35.7 million shares, or 16.51 per cent of the company, in its initial public offering (IPO) on June 30 on the HCM Stock Exchange.
Vietinbank and VPBank acquired these shares with each holding 9.07 per cent and 7.44 per cent, respectively After the IPO, the State-owned Viet Nam National Shipping Lines, better known as Vinalines, holds a 65.45 per cent stake.
In the board election yesterday, seven of nine members of the board of directors, including chairman, are Vinalines personnel. Vietinbank (CTG) and VPBank have also placed one representative each on the company’s board of directors and supervisory.
A legal representative of the company yesterday said Vinalines had a plan of selling more stakes to private investors but declined to disclose the specific time.
On September 21, the Prime Minister allowed Vinalines to sell more shares to slash State holding in Sai Gon Port to as little as 20 per cent in a bid to restructure the State-owned enterprises sector. The company has a charter capital of VND2.16 trillion (US$96 million) with a total asset value of VND3.95 trillion ($176 million).
Sai Gon Port operates important ports in the Southern part of Viet Nam including, Nha Rong Khanh Hoi, Tan Thuan I, Tan Thuan II and Phu My Steel Port. The port accounts for 10.5 per cent of the overall throughput in the South.
It is planning to link with real estate giant VinGroup (VIC) to form a company to build a commercial centre, passenger terminal and apartments on the side of Nha Rong Khanh Hoi port after the port will be relocated later next year.
The venture company, of which Sai Gon Port will hold a 26 per cent stake, will receive a total investment of VND11 trillion ($489 million). It expects to start the sale of products from 2018 with a planned dividend of over 10 per cent per year. Sai Gon Port plans total sales of VND992.5 billion ($44.1 million) and a net profit of VND64.2 billion ($2.9 million) for 2015.
