State-owned shipping firm Việt Nam National Shipping Lines (Vinalines) will trade 5.4 million shares on the Unlisted Public Company Market (UPCoM) on October 8.
This was announced by the Hà Nội Stock Exchange.
The shares, under code MVN, will start the first trading day at VNĐ10,000 (43 US cents) per share.
At this price level, the company’s market capitalisation will reach VNĐ54 billion.
Vinalines, founded in 1995, is a 100 per cent 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 VNĐ13.57 trillion, down 7.4 per cent year-on-year, and a loss of VNĐ537 billion from business activities. However, other profits of VNĐ1.5 trillion lifted the company’s after-tax profit to VNĐ748 billion, double the previous year.
Ending 2017, Vinalines had total assets of over VNĐ28 trillion but its liabilities were up to VNĐ20.2 trillion. The company still incurred cumulative losses of VNĐ3.25 trillion.
In the first half of this year, Vinalines recorded revenue of VNĐ6.3 trillion and net profit of VNĐ23.9 billion.