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Vingroup, VPBank & Vietinbank keen on Saigon Port

Released at: 17:30, 03/06/2015

Vingroup, VPBank & Vietinbank keen on Saigon Port

IPO on June 30 to be followed by sales to strategic shareholders.

by Hung Nguyen

The Ho Chi Minh City Stock Exchange has announced information and detailed documents relating to the initial public offering (IPO) of Saigon Port.

Charter capital post-merger is expected to be VND2.162 trillion ($99.10 million), with the State to continue holding 64 per cent.

A total of 35,706,628 shares will be auctioned, or 16.51 per cent of the Port’s expected charter capital. The auction will take place on June 30 with an issue price of VND11,500 (53 US cents).

Strategic shareholders will also be offered 16.51 per cent of shares, with a further 3 per cent being made available to Port employees and its union, as preferential stock.

The auction for strategic shareholders will be conducted after the IPO, with the price to be no less than the average price at the public auction.

Expected ownership structure of Saigon Port post-merger

Three organizations have expressed an interest in Saigon Port: Vingroup, VPBank, and Vietinbank, of which Vingroup hopes to purchase 80 per cent of available shares and VPBank and Vietinbank 11 per cent each.

Saigon Port is currently building the Saigon - Hiep Phuoc Port, with total investment of VND2.8 trillion ($128.35 million).

In 2014 the Port earned cumulative revenue of VND1.07 trillion ($49.04 million) and recorded VND79 billion ($3.62 million) in profit before tax.

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