Vinalines to cut interest in loss-making Vitranschart to 36 per cent

Nov 15th at 09:00
15-11-2018 09:00:40+07:00

Vinalines to cut interest in loss-making Vitranschart to 36 per cent

State-run ship giant Vinalines has announced that it will cut the state holding in Vietnam Sea Transport and Chartering JSC (Vitranschart) from 58.03 to 36 per cent to reduce losses.

Vinalines said that it will auction over 13.4 million shares of Vitranschart, or 22.03 per cent of the latter's charter capital, at the starting price of VND1,200 ($0.052) per share.

The auction is planned to be held on December 5, 2018 at the Hanoi Stock Exchange. Vinalines is expected to get over VND16 billion ($695,700) from the sale.

Established in 1975, Vitranschart's core businesses are sea freight, waterway transportation, port operation, warehouses, and logistics services.

According to its consolidated financial statement, in the first nine months of 2018, Vitranschart incurred losses in all business lines, producing a loss of VND182 billion ($7.9 million) in the period and amassing VND1.485 trillion ($64.56 million) in total losses.

As of the end of the third quarter of 2018, Vitranschat's total assets reached VND1.367 trillion ($59.4 million), while total debts hit VND2.228 trillion ($96.87 million), surpassing total assets by 63 per cent.

Vitranschart is one of the 18 member companies that Vinalines will divest. They include Tin Nghia Industrial Park Development JSC, Petec, Sesco, Inlaco Haiphong, Haiphong Maritime Investment and Trading JSC, Dong Do Marine, OSTC (previously NOSCO), and Vinalines Nha Trang.

The ship giant will cut its holdings in nine others, namely VOSCO (from 51 to 49 per cent), Vinaship (from 51 to 36 per cent), Haiphong Port (from 92.56 to 65 per cent), Danang Port (from 75 to 65 per cent), Can Tho Port (from 99.05 to 51 per cent), Cam Ranh JSC (from 80.9 to 51 per cent), Cai Lan Port (from 56.58 to 51 per cent), Transvina (from 56 to 51 per cent), and Khuyen Luong Port (from 49 to 36 per cent).

vir



NEWS SAME CATEGORY

FPT 10-month net profit rises 19% to $114 million

FPT Corporation reported a net profit of nearly VND2.66 trillion (US$114.2 million) in the first 10 months of this year, representing a growth of 19 per cent over...

Sabeco (SAB) uncorks cap on foreign ownership

Saigon Beer Alcohol Beverage Corporation (Sabeco) on Monday announced that its board of directors had approved unrestricted foreign ownership.

Vinaconex set to lock foreign holdings at zero

The State Securities Commission has approved Vinaconex’s request to lock its ceiling foreign ownership ratio at zero per cent, saying the move complies with...

Vietnam brewer Sabeco removes limit on foreign ownership

Vietnam’s largest brewer Sabeco said on Monday it has removed foreign ownership limit at the company.

Minh Phu Seafood (MPC) to remove non-core businesses to ease foreign ownership

Viet Nam’s leading shrimp exporter Minh Phu Seafood Corporation has approved a plan to remove some of its non-core businesses to pave the way for foreign investors...

Agribank to sell OCB shares late this month

Agribank will sell more than 468,000 Orient Commercial Bank (OCB) shares at auction on November 29.

VNG reports massive loss from affiliated companies

VNG saw soaring losses from affiliated companies, with the estimated loss of VND151 billion ($6.57 million) in the three first quarters of this year, nearly...

KBC fined for nearly VND6 billion

Kinh Bac City Development Holding Corporation (code: KBC) will have to pay around VND6 billion ($243,500) after tax inspections between 2015 and 2017.

Viettel Post to list on UPCoM

Viettel Post has submitted a request to the Viet Nam Securities Depository Centre to stop accepting securities ownership transfer applications of the corporation...

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...


MOST READ


Back To Top