Vinalines buys backs 75 percent stake in central port
State-owned Vietnam National Shipping Lines (Vinalines) has paid 415 billion VND (17.8 million USD) to reacquire a 75 percent stake in Quy Nhon Port JSC, which it had sold illegally to Hop Thanh Investment & Mineral JSC without the Government’s approval.
Container area in Quy Nhon Port. Vinalines has paid 415 billion VND (17.8 million USD) to reacquire a 75 percent stake in Quy Nhon Port JSC from Hop Thanh Investment & Mineral JSC.(Source: baodautu.vn )
Hanoi (VNS/VNA) - State-owned VietnamNational Shipping Lines (Vinalines) has paid 415 billion VND (17.8 million USD)to reacquire a 75 percent stake in Quy Nhon Port JSC, which it had soldillegally to Hop Thanh Investment & Mineral JSC without the Government’sapproval.
The Vietnam Depository Centre has recorded thetransfer of ownership to Vinalines. The shipping group will take over the portmanagement from this month.
“Vinalines has paid 415 billion VND, equal tothe amount that Hop Thanh spent to buy a 75 percent stake in Quy Nhon Port fromVinalines,” Tran Tuan Hai, head of Vinalines’ communication division,told Giao Thong (Transportation)newspaper.
Hai said the money Hop Thanh had invested in theport after the share purchase would be calculated through an independent assetvaluation process.
Vinalines has also arranged personnel in Quy NhonPort’s management board and would take over control of the port in its annualshareholders’ meeting at the end of this month, he added.
Quy Nhon Port, located in Binh Dinh province, isa major port in the central coast with a storage network of nearly 21,000sq.mof warehouses and 48,000sq.m for containers. Last year, a record eight milliontonnes of goods passed through the port.
In 2013, the port was transformed into a jointstock company with charter capital of more than 404 billion VND, of which Vinalinesowned more than 75 percent stake.
Vinalines was reported to sell these stakes toprivate company Hop Thanh Investment & Mineral JSC which had no priorexperience in operating a port for lower market price during 2013-2015.
Last September, the Government Inspectorateconcluded the deal violated the law as the Ministry of Transport authorised thesale without the approval of the Prime Minister. The inspectors requestedVinalines to recover the stakes sold to Hop Thanh.
Vinalines reported net revenue of 2.9 trillionVND (124 million USD) in the first quarter of this year, down 10 percent yearon year.-VNS/VNA
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Container area in Quy Nhon Port. Vinalines has paid 415 billion VND (17.8 million USD) to reacquire a 75 percent stake in Quy Nhon Port JSC from Hop Thanh Investment & Mineral JSC.(Source: baodautu.vn )
