The state-run Vietcombank and major shipbuilder Vinalines inked a deal Tuesday to make joint investments.
Vietcombank, as the bank is known commonly, agreed to invest in Vinalines’s shipbuilding and seaport construction projects.
Vinalines plans to build two mammoth port complexes in the central Khanh Hoa province and northern Hai Phong city.
The two sides are also looking for more partners for the two projects.
In Khanh Hoa they will build a modern international port at an estimated cost of $169 million. Work is set to start on the first two berths later this year.
Van Phong Port plays a crucial role in the economic zone of the same name covering 150,000ha of land and water surface in the bay.
The other project, the Lach Huyen International Seaport, is expected to cost VND27 trillion ($1.6 billion) for infrastructure and berths. It will serve as an international gateway and a large transit port for the whole of northern Vietnam.
It is designed to accommodate vessels of between 60,000 and 80,000 TEUs (twenty-foot-equivalent units) and have annual cargo throughput of between 50 and 60 million tons when in full perform.
The first two berths are expected to be ready in 2010.
Duong Tri Dung, Vinalines chairman, said the tie-up with the bank was part of the corporation’s diversification strategy as well as equitization process. It planned to enter finance, banking, insurance, securities, electricity, infrastructure, real estate, and tourism.
The group was set to become one of the region’s top maritime groups by 2010 with revenues of more than VND20 trillion ($1.2 billion).
It plans to raise VND51 trillion ($3.2 billion) between 2006 and 2010 to invest in its shipping fleet and upgrade its ports.
This year it targeted to transport 24.8 million tons of cargo – a year-on-year jump of 8%, a record revenue of VND12 trillion ($750 million).
The company plans to purchase 29 more vessels with total capacity of 692,000 DWT (dead-weight-tons).
Vietcombank – the country’s second largest by assets is set to launch its IPO in July or August at the latest and list on the stock market by October, with the second shares auction to be conducted overseas next year. It is in the process to source out strategic foreign investors to participate in managing the structure of the bank.
After going public, the state will hold a 70% stake in the bank and the remaining 30% will go to investors via domestic and overseas IPOs. The bank plans to launch an IPO in Hong Kong or Singapore next year, where stock exchanges have recognized Vietcombank as qualifying under their basic requirements.
By the end of 2006, Vietcombank had assets of VND169.46 trillion ($10.06 billion), up 23.9% on year.
It made a net profit of VND2.47 trillion during the year, up 91.5% year on year, bank figures showed.
Source: Thanh Nien
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment