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June 30 IPO for Saigon Port

Released at: 11:11, 02/06/2015

June 30 IPO for Saigon Port

Registration opens today for interested parties.

by Hung Nguyen

The Ho Chi Minh City Stock Exchange has announced the initial public offering (IPO) of Saigon Port will be held at 8.30am on June 30. Registration of investors will start from today, June 2.

The port was valued at VND3.95 trillion ($181.02 million) on January 1, 2014, with the State share being VND2.16 trillion ($99.01 million). Post-IPO the port is expected to have charter capital of VND2.163 trillion ($99.15 million). It will sell 20-25 per cent to strategic shareholders under negotiated deals and for no less than the lowest price set in the IPO.

Vingroup had previously proposed purchasing 80 per cent of the port but the minimum the State must hold is set at 51 per cent.

Saigon Port is the largest in the country in terms of throughput and productivity and offers warehousing, cargo handling, operational support services relating to transport, freight transport by road, loading and unloading, shipbuilding and building floating structures, and manufacturing lifting equipment.

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