Saigon Port confirms initial public offering for June

Vietnam’s Saigon Port has confirmed its initial public offering (IPO) for 30 June as the port sells 20-25% of its southern port.

The IPO plan will ensure that the state holds at least 51% of the company’s charter capital after the privatisation, a factor that rules out the company Vinegroup, a leading property developer that has expressed an interest in buying 80% in the past.

Dinh Thi Thu Thao, analyst for VietCapital Securities Company, said: “The location and size of the ports are two critical elements to profit growth of a port operator, and Saigon Port possesses both.”