Da Nang Port lists 66 million shares on UpCoM
Da Nang Port lists 66 million shares on UpCoM
Da Nang Port has made its debut on the Ha Noi Stock Exchange with 66 million shares, under the code CDN.
The Da Nang Port Joint Stock Company said the listing would contribute towards the company’s future development by driving it to constantly innovate, enhance business and put in place modern administrative methods, thus creating favourable conditions to mobilise capital from investors for business development and expansion.
Da Nang Port began operations under the joint stock company on July 24, 2014, with a registered capital of VND660 billion (US$29 million). It is one of the 12 businesses under the management of the Viet Nam Maritime Corporation that is being equitised, in accordance with the Corporation’s restructuring plan for the 2012-15 period, approved by the prime minister in 2013.
After equitisation, the port faced many challenges from the global shipping industry as well as competition from other ports in the country. With its focus on receiving container shipping, bulk carrier and passenger shipping, developing the market, strengthening investment in infrastructure and training, the company has shown positive growth compared to its performance before equitisation. Its profit in 2015 was 10 times higher than that of five years earlier.
On July 30, 2016, the company began the second phase of work on expanding Tien Sa Port, which requires an estimated investment capital of more than VND1 trillion. Once complete, Da Nang Port will be able to receive ships with 10 million tonnes of goods and more than 150,000 gross tonne passenger ships.
