Viet Nam News
HÀ NỘI — State-owned shipping firm Việt Nam National Shipping Lines (Vinalines) will trade 5.4 million shares on the Unlisted Public Company Market (UPCoM) on October 8.
This was announced by the Hà Nội Stock Exchange.
The shares, under code MVN, will start the first trading day at VNĐ10,000 (43 US cents) per share.
At this price level, the company’s market capitalisation will reach VNĐ54 billion.
On September 5, Vinalines put up 488.8 million shares, or a 34.8 per cent stake, on sale but only 5.43 million shares were taken at an average price of VNĐ10,002.
According to the equitisation plan, Vinalines will have chartered capital of nearly VNĐ14.05 trillion, thus trading volume on UPCoM accounts for less than 0.4 per cent of Vinalines’ capital.
Vinalines, founded in 1995, is a 100 per cent State-owned enterprise. It was transformed into a holding company in 2006 and a State-owned one member limited company in 2010.
In 2017, its consolidated financial statement recorded total sales of VNĐ13.57 trillion, down 7.4 per cent year-on-year, and a loss of VNĐ537 billion from business activities. However, other profits of VNĐ1.5 trillion lifted the company’s after-tax profit to VNĐ748 billion, double the previous year.
Ending 2017, Vinalines had total assets of over VNĐ28 trillion but its liabilities were up to VNĐ20.2 trillion. The company still incurred cumulative losses of VNĐ3.25 trillion.
In the first half of this year, Vinalines recorded revenue of VNĐ6.3 trillion and net profit of VNĐ23.9 billion. — VNS