08 April 2014

[080414.EN.SEA] Vinalines Calls Consultants To Advise On IPO And Port Privatisation

VIETNAM's scandal-wracked state-owned shipping, ports and services holding company, Vinalines, has asked consultants to carry out a valuation of the company, with a view to setting up an IPO, reports Dynaliner.

In December, death sentences were handed to the former company chairman and former CEO, after being found guilty of embezzlement by a court in Hanoi.

The government has already indicated that it will sell up to 70 per cent of the company. As part of the company's financial restructuring, profitable ports including Da Nang, Hai Phong, Qang Ning and Saigon will be privatised by the end of 2014,

Source : HKSG.

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