Hai Phong Port to come out with an IPO

Hai Phong port, the biggest port in the north of Vietnam, has revealed its plans to issue an initial public offering (IPO). The company will sell more than 37.6 million shares (equivalent to 11.51 per cent of the port’s total capital) at a price of VND 13,500 ($0.64) per share at the Hanoi Stock Exchange. According to reports, the company’s total asset value is over VND 4.3 trillion ($205.7 million), of which VND 3.27 trillion ($155.6 million) comes from the state’s holding. Hai Phong port that mostly offers maritime and logistics services is expected to generate a pre-tax profit of VND 216 billion ($10.2 million) and revenue of VND 1.47 trillion ($70 million) in 2014. After the IPO is launched, Hai Phong port, owned by the Vietnam National Shipping Lines, will operate as a joint stock company from July 1, 2014.