Tuesday, November 20 2018

VietNamNews

Vinalines to auction shares of its subsidiary

Update: November, 08/2018 - 15:39
As Vitranschart’s parent shareholder, Vinalines is looking to offload some of its stake in the shipping company. — Photo tienphong.vn
Viet Nam News

HÀ NỘI — Việt Nam National Shipping Lines (Vinalines) will auction over 13.44 million shares of its holding in Việt Nam Transport and Chartering Joint Stock Company (Vitranschart) on December 5, the Hà Nội Stock Exchange has announced.

The shares, accounting for a 22.03 per cent stake of Vitranschart, will be auctioned at the Hà Nội bourse at the starting price of VNĐ1,200 (5 US cents) a share.

Vinalines is currently Vitranschart’s parent shareholder with a total of 35.4 million shares, equivalent to 58 per cent of the firm’s voting shares in circulation.

Currently, Vitranschart is trading at VNĐ700 per share, and there is almost no matched stock in recent sessions.

Vitranschart reported a loss of more than VNĐ182 billion in the first nine months of 2018. Although this figure was VNĐ40 billion lower than in the same period last year, the loss contributed to raising the accumulated loss to VNĐ1.485 trillion (US$63.54 million) and a negative equity of VNĐ860 billion.

This is the seventh consecutive year Vitranschart recorded a loss since the crisis in the marine transport sector in 2012. The loss was attributed to costs being higher than revenues, the rise of expenses due to interest rates and exchange rate differences.

Till date, the company’s total assets were nearly VNĐ1.37 trillion and liabilities were up to approximately VNĐ2.23 trillion, surpassing 63 per cent of total assets.

This year, Vitranschart set a business target of losing VNĐ302.2 billion. — VNS

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