The Vietnam National Shipping Lines (Vinalines) is divesting entirely from the International Labour and Services Stock Company (Inlaco-HP), according to the State-run corporation.
Hanoi (VNA) – The Vietnam National Shipping Lines (Vinalines) isdivesting entirely from the International Labour and Services Stock Company(Inlaco-HP), according to the State-run corporation.
Vinalines saidit will sell approximately 1.52 million shares, equivalent to 24.9 percent of Inlaco-HP’s total stake, which has face value of 10,000 VND per share. The shares will be auctioned at a starting price of 2,700 VND per share.
Inlaco-HP isamong three member companies Vinalines plans to fully divest from by the end ofthis year. The other two are Tin Nghia Industrial Park Development JSC andSeagull Shipping Company, in which Vinalines holds a 1.15 percent and a 26.46 percent stake,respectively.
Vinalines alsoaims to reduce its ownership at the Vietnam Ocean Shipping JSC (Vosco) andVinaship JSC in which Vinalines is the largest shareholder, holding a 51percent stake. Its ownership will be slashed to 49 percent in the former and 36percent in the latter.
Vinalines is a State-owned enterprise engaging inshipping, port management, maritimeservices and logistics in Vietnam and abroad.
Itsrevenue in the second quarter of 2019 dropped 9 percent year on year to 5.56 trillionVND (239 million USD).
Atthe end of the quarter, the company posted a loss of 496 billion VND, up 325percent from the previous year. It attributed the loss to the fact that thecompany earned less from its dividend payouts and also failed to sell itsassets and ships./.
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Illustrative image (Source: VNA) 
