Hai Phong Port mobilizes capital from investors to improve financial capacity

Hai Phong Port is currently the largest port in the Northern region in terms of number of wharves, tonnage and number of ships that can receive, investment machinery and equipment system, with a cargo flow through the port of about 19 million tons/year.

Hai Phong Port Company Limited has just called on domestic businesses and organizations to invest in this unit as strategic investors.

According to leaders of Hai Phong Port, recently Vietnam National Shipping Lines Corporation (Vinalines) has decided to approve the equitization of this enterprise in order to convert the State-owned company to operate in the form of a joint stock company with many owners. At the same time, it also aims to mobilize capital from investors to improve financial capacity, innovate technology,... create conditions for developing Hai Phong Port in main business lines.
According to the results of enterprise valuation approved by Vinalines Board of Members, the actual value of state capital at Hai Phong Port enterprise is about 3,300 billion VND. Criteria to select a strategic investor in Hai Phong Port must be a reputable domestic investor, have financial capacity, have a commitment to long-term interests, and must be a domestic investor operating in the field of shipping goods by sea;...In addition, strategic investors must be businesses with a minimum operating time of 5 years; have total assets of at least VND 1,000 billion in fiscal year 2013; have minimum equity of VND 700 billion in fiscal year 2013; Prove that you have enough capital to contribute...
Hai Phong Port also requires that businesses, after becoming strategic investors, are not allowed to transfer purchased shares to foreign investors in any form.
It is expected that Hai Phong Port's initial public offering (IPO) plan will be implemented in next May.

Source: Hai Phong Electronic Portal