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Vinpearl JSC buys $4m of Nha Trang Port shares

Update: August, 29/2014 - 09:01
Nha Trang Port will be transformed into a harbour with moorings for leasure craft and cruise lines, serving the tourism sector in Khanh Hoa Province.— File Photo

HA NOI (VNS) — The central coastal Khanh Hoa Province's authorities have allowed the VinGroup Vinpearl Tourism and Trading Joint Stock Company to buy Nha Trang Port's shares worth VND85 billion, or US$4 million.

The amount was reported to be equivalent to the Viet Nam National Shipping Lines' (Vinalines) investment in the port. The sale of the shares is expected to support Vinalines's ongoing restructuring.

Vinpearl JSC has been coordinating with the Nha Trang Port Joint Stock Company to set up an investment and development plan in which the multi-functional port will be transformed into a harbour with moorings for pleasure craft and cruise liners.

Earlier this year, the port was valued at more than VND245 billion, or $11.66 million. The shares which were offered, accounting for more than 22.6 per cent of the registered capital, did not attract investors' attention due to the port's ineffective operations.

Nha Trang Port is a State-owned enterprise located in Nha Trang Bay. Under a prime ministerial directive issued in April this year, the port management was transferred from Vinalines to Khanh Hoa Province, to serve the local tourism sector. — VNS

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