After being audited by the State Audit Office of Vietnam, the corporate value of Vietnam’s state-owned shipping group (Vinalines) increased by VND1.35 trillion ($59.4 million) with the state-owned capital increase of VND1.8 trillion ($79.2 million), compared to the previous statistics.

This is the third time Vinalines had to readjust its corporate value

In August, the State Audit Office of Vietnam reassessed the corporate value of Vinalines as well as other assets before the corporation’s equitization.

In late November, the State Audit released the value of Vinalines. Accordingly, Vinalines’ corporate value, which was determined at December 31 last year, was reassessed at VND18.09 trillion ($790.5 million) with the state-owned capital of VND11.95 trillion ($526.1 million).

According to Le Anh Son, chairman of the Vinalines Board of Directors, after being reassessed, almost all statistics saw increases compared to this June.

Son added that this was the third time that Vinaline had to reassess its corporate value. In December 2014, the former Minister of Transport approved the corporate value of Vinalines, which is a compulsory process for the equitisation progress.

 Accordingly, Vinalines was valued at VND21.29 trillion ($937.4 million) determined on December 31, 2013, with the state-owned capital of VND8.96 trillion ($394.5 million).

Then, in the first quarter of this year, Vinalines had to reassess its corporate value at the end of December 31, 2016 and map out a new equitisation plan as required by the prime minister.

According to the equitisation plan, the state will hold 65% of Vinalines’ chartered capital. Thus, investors will have the opportunity to buy 35 per cent of the firm’s stakes. If everything goes smoothly, the initial public offering (IPO) will be launched before June 2018.

Vinalines currently keeps large holdings in 14 port companies and operates over 13,000 metres of piers with a total capacity of 75 million tonnes of cargo per year.

With the recent improvements in business performance, Vinalines is attracting the attention of many influential international groups ahead of its IPO.

Recently, Belgium’s Rent-A-Port, the investment and management arm of Holding Ackerman & Van Haaren, proposed to purchase 10% of Vinalines’ stakes.

Other groups have long been interested in acquiring 65% of Cai Cui-Can Tho Port in Can Tho City.

In late 2016, at a meeting with MoT, Mohamed Awadh Abdul Rahman Al-Hassan, the acting Undersecretary for Diplomatic Affairs of Oman, proposed joining the purchase of Hai Phong Port.

VIR