Viconship Acquires Additional Shares in Nam Hai Dinh Vu Port
Vietnam Container Shipping Joint Stock Company (Viconship, stock code: VSC) has announced a resolution to acquire additional shares from the shareholders of Nam Hai Dinh Vu Port Joint Stock Company, aiming to increase its ownership to a maximum of 100%.
Currently, Viconship holds 35% of Nam Hai Dinh Vu Port, which has a charter capital of VND 400 billion. Viconship plans to acquire up to 65% of the shares from two companies: Commerce and Investment Doan Huy Joint Stock Company and Import-Export Kim Khi Huy Hoang Joint Stock Company. The value of each acquired share is VND 83,800/share, equivalent to a total transaction value of nearly VND 2,179 billion.
The capital for this acquisition will come from the proceeds of the recent issuance of nearly 133.4 million shares to existing shareholders (at a price of VND 10,000/share) and bank loans. The Board of Directors has also resolved to approve a borrowing plan with a total limit of VND 1,450 billion from the Vietnam Export-Import Commercial Joint Stock Bank (Eximbank) – Hai Phong branch to complete the acquisition. Interest expenses will be as per Eximbank’s notification.
Nam Hai Dinh Vu Port, Hai Phong
Located in Hai Phong, Nam Hai Dinh Vu Port was established in 2012 by a joint venture between Gemadept Joint Stock Company (GMD) and Petroleum Transport Joint Stock Company. The port has a capacity of 500,000 Teu/year. By the end of 2013, Gemadept had increased its stake in the port to 84.66%.
In the second quarter of 2023, Gemadept completed the sale of its entire 84.66% stake in Nam Hai Dinh Vu Port to Viconship and its partners. In the first half of the year, Gemadept recorded a financial income of VND 1,871 billion, mainly due to the transfer of Nam Hai Dinh Vu Port.
According to a report by VCBS Securities in mid-May, after the consolidation of Nam Hai Dinh Vu Port, the three ports owned by Viconship will have a designed capacity of 1.65 million TEU. If including the ports owned by associated companies, the designed capacity will reach 2.45 million TEU (approximately 31% of the capacity of Hai Phong port cluster) – the largest in the region.
However, VCBS also noted that the consolidation of Nam Hai Dinh Vu Port would pose challenges for Viconship due to increased interest expenses, commercial advantage expenses, and share dilution from the capital increase for the acquisition. Additionally, from 2025 onwards, the increasing supply in the Hai Phong area is expected to intensify competition for the company.
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