AFTER falling far short of its target for the initial public offering (IPO) earlier this month Vietnam National Shipping Lines (Vinalines) is to launch a second public share sale of the remaining 480 million shares at the Hanoi Stock Exchange on a date that is as yet unknown, according to Vietnam News
AFTER falling far short of its target for the initial public offering (IPO) earlier this month Vietnam National Shipping Lines (Vinalines) is to launch a second public share sale of the remaining 480 million shares at the Hanoi Stock Exchange on a date that is as yet unknown, according to Vietnam News. Financially struggling Vinalines' IPO on September 5 attracted little interest and consequently the state-owned carrier failed to achieve its goal of selling a 34.8 per cent stake for US$210 million, after only selling one per cent of the offered shares for just $2.33 million (VDN54.35 billion).
The IPO attracted just 42 investors, including 40 individual investors and two organisations, said local media at the time. The highest bid was valued at $0.56 per share.
Vinalines said it will offer up all the shares leftover from the IPO, as well as those which were meant to be sold at preferential rates to its employees and the trade union, reported Seatrade Maritime News, Colchester, UK.
The shipping line, which has a fleet of 84 vessels totalling 1.8 million dwt, has continuously recorded losses since 2008. In 2017 its core business sector posted a loss of $26.9 million. In the first half of this year it registered a pre-tax profit of $3.13 million on total revenue of $283.8 million.
