The shares, under code MVN, will start the first trading day at VND 10,000 (43 US cents) per share.

At this price level, the company’s market capitalization will reach VND 54 billion.

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Vinalines will trade 5.4 million shares on UPCoM on Oct.8. Photo: vietnamfinance.vn

On September 5, Vinalines put up 488.8 million shares, or a 34.8 percent stake, on sale but only 5.43 million shares were taken at an average price of VND 10,002.

According to the equitization plan, Vinalines will have chartered capital of nearly VND 14.05 trillion, thus trading volume on UPCoM accounts for less than 0.4 percent of Vinalines’ capital.

Vinalines, founded in 1995, is a 100 percent State-owned enterprise. It was transformed into a holding company in 2006 and a State-owned one member limited company in 2010.

In 2017, its consolidated financial statement recorded total sales of VND 13.57 trillion, down 7.4 percent year-on-year, and a loss of VND 537 billion from business activities. However, other profits of VND 1.5 trillion lifted the company’s after-tax profit to VND 748 billion, double the previous year.

Ending 2017, Vinalines had total assets of over VND 28 trillion but its liabilities were up to VND 20.2 trillion. The company still incurred cumulative losses of 3.25 trillion VND.

In the first half of this year, Vinalines recorded revenue of VND 6.3 trillion and net profit of VND 23.9 billion.

Source: VNA