Cam Ranh port debuts on UPCoM
The northern Hanoi Stock Exchange has seen the debut of Cam Ranh port, the second state-run port operator, coded as CCR on the Unlisted Public Company Market (UPCoM).
On September 24, Vietnam National Shipping Lines’ Cam Ranh Port put 24.5 million shares on the trading floor at VND10,200 (US$0.47) each, equalling a total value of over VND245 billion (US$11.24 million).
Foreign investors are eligible to acquiring half of the listed amount (12,005,890 shares).
Being included in the government’s plan of equitisation, the port made its initial public offering (IPO) earlier in March, but sold out only 582,000 shares, 9.5 per cent of the amount offered then.
In April, CCR negotiated to sell other 5.7 million shares, but only 307,200 shares were purchased.
Located in the central province of Khanh Hoa ’s Cam Ranh bay, the international commercial port has favourable natural conditions for the development of additional port services. In particular, it is located nearby the Cam Ranh international airport and is only 1.5 kilometres from the National Highway 1A and 3km from the north – south railway. The port has also been considered as an important waterway connecting Khanh Hoa with other central coast and south central provinces.
The port runs a wide range of businesses, including cargo handling, warehouses and freight yards, cargo storage, shipping and road transport, a shipping agency, and a ship chandler, among others.
The Cam Ranh port’s initial chartered capital in 2015 stood at VND245 billion (US$10.88 million) and the company now plans to raise this to VND334 billion (US$15.32 million) by 2018. It is also targeting the revenue of VND137 billion (US$6.28 million) this year, rising to VND223.3 billion (US$10.24 million) by 2018.