Hai Phong Port's IPO set for May 14
The Port of Hai Phong, the biggest port in the north of Viet Nam has announced plans to issue its initial public offering (IPO).
According to the port's announcement on April 23, the company will sell more than 37.6 million shares (equivalent to 11.51 per cent of the port's total capital) at the price of VND13,500 (US$0.64) per share on May 14 at the Ha Noi Stock Exchange.
Between April 14 and May 7, bidders will be able to register themselves for the auction.
According to the Hai Phong Port's Deputy General Director, Bui Chien Thang, the company's total asset value is over VND4.3 trillion (US$205.7 million), of which VND3.27 trillion (US$155.6 million) is the state's holding.
The Hai Phong Port, which mostly offers maritime and logistics services, is expected to generate a pre-tax profit of VND216 billion (US$10.2 million) and revenue of VND1.47 trillion (US$70 million) in 2014.
After the IPO is launched, Hai Phong Port, which belongs to the Vietnam National Shipping Lines (Vinalines), will work as a joint stock company from July 1.
Last April, the Prime Minister urged the equitisation of the country's major ports and the process must be implemented within the year 2014. This is aimed at diversifying investment resources for the development of ports.