Vinalines to auction shares of its subsidiary
Vinalines to auction shares of its subsidiary
Viet Nam National Shipping Lines (Vinalines) will auction over 13.44 million shares of its holding in Viet Nam Transport and Chartering Joint Stock Company (Vitranschart) on December 5, the Ha Noi Stock Exchange has announced.
The shares, accounting for a 22.03 per cent stake of Vitranschart, will be auctioned at the Ha Noi bourse at the starting price of VND1,200 (5 US cents) a share.
Vinalines is currently Vitranschart’s parent shareholder with a total of 35.4 million shares, equivalent to 58 per cent of the firm’s voting shares in circulation.
Currently, Vitranschart is trading at VND700 per share, and there is almost no matched stock in recent sessions.
Vitranschart reported a loss of more than VND182 billion in the first nine months of 2018. Although this figure was VND40 billion lower than in the same period last year, the loss contributed to raising the accumulated loss to VND1.485 trillion (US$63.54 million) and a negative equity of VND860 billion.
This is the seventh consecutive year Vitranschart recorded a loss since the crisis in the marine transport sector in 2012. The loss was attributed to costs being higher than revenues, the rise of expenses due to interest rates and exchange rate differences.
Till date, the company’s total assets were nearly VND1.37 trillion and liabilities were up to approximately VND2.23 trillion, surpassing 63 per cent of total assets.
This year, Vitranschart set a business target of losing VND302.2 billion.
