Saigon prepares for share listing
Saigon Port is gearing up for a share listing as announced at its first shareholders’ meeting in Ho Chi Minh City, according to media reports.
The Nation said that Saigon Port Joint Stock Company has sold more than 35.7 million shares or 16.51% of the company in its initial public offering on the Ho Chi Minh Stock Exchange.
VietinBank and VPBank acquired some of these shares holding 9.07 and 7.44% respectively. After the IPO, the state owned Vietnam Shipping Lines, better known as Vinalines owns a 65.45% stake.
Apparently Vinalines intends to sell more stakes to private investors in the future. This is on the back Vietnamese Prime Minister Nguyen Tan Dung recently granting permission to Vinalines to sell more shares for as little as 20% in a bid to restructure the state owned enterprises sector.
Saigon Ports owns ports in south Vietnam including Nha Rong Khanh Hoi, Tan Thuan I, Tan Thuan II and Phu My Steel Port.
It plans to link up with the VinGroup to build a new commercial centre, for which it will hold a 26% stake, at Nha Rong Khanh Hoi port when it’s relocated next year.
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