Vinpearl authorised to buy stake in Nha Trang Port
Vinpearl authorised to buy stake in Nha Trang Port
The prime minister has allowed the state-run Vietnam National Shipping Lines (Vinalines) to sell a 34.7 per cent stake in the Nha Trang Port Joint Stock Company (Nha Trang Port JSC), constituting 8.5 million shares, to Vinpearl JSC owned by Vingroup.
However, the purchase value has not been revealed as of yet.
Accordingly, the Khanh Hoa Provincial People’s Committee will retain the remaining 65.3 per cent stake in the Nha Trang Port, equalling 16.04 million shares. The step forms part of the prime minister’s initiative to hand over the port to the Khanh Hoa Provincial People’s Committee.
In early September 2014, the committee wanted to sell a share volume of the Nha Trang Port worth VND85 billion ($3.9 million), then owned by Vinalines, to Vinpearl. However, the committee was not the official owner of the Nha Trang Port, thus it was not allowed to do so.
At that time, Vinpearl JSC and Nha Trang Port JSC were cooperating to draft an investment and development plan to transform the cargo port into one that would receive tourists, in accordance with ratified planning.
In May 2014, the Nha Trang Port carried out via its IPO, but resulting in failure. A mere 350,000 of the 5.56 million of shares were bought, equalling 6.3 per cent. The port’s chartered capital is currently VND245.3 billion ($11.4 million), equalling 24.54 million shares.
