Vingroup, Viettinbank, and Oman's State General Reserve Fund pick up shares in port for $66 million.
Vietnam National Shipping Lines (Vinalines) expects to earn over VND1.55 trillion ($66 million) for its restructuring from selling nearly 30 per cent of Hai Phong Port to strategic investors.
Vingroup, the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), and Oman’s State General Reserve Fund (SGRF) will secure 970 million shares at VND16,000 ($0.71) per share.
The transfer of 29.68 per cent of shares to strategic investors will reduce the proportion of State ownership in the port to just over 60 per cent.
State capital owned by Vinalines in Hai Phong Port currently accounts for nearly 95 per cent, or approximately VND3.27 trillion ($143.8 million).
In the first six months of this year the Port handled 11 million tons of cargo, up 17.5 per cent against the same period of 2014. Revenue reached nearly VND837 billion ($36.8 million).
Total output of goods through Hai Phong Port this year is expected to reach 23.5 million tons, up 19 per cent compared with last year. Revenue is to reach over VND1.7 trillion ($7 million), with a profit of around VND380 billion ($16.7 million).