Viconship wants to divest all its capital in PTSC Dinh Vu.

Viconship has approved the divestment of its entire 22% stake in Dinh Vu Petroleum Services Port Joint Stock Company ( PTSC ) at a minimum price of VND 10,000 per share.

Vietnam Container Corporation (Viconship - stock code VSC) has just announced a resolution approving the divestment of its entire stake in Dinh Vu Petroleum Service Port Joint Stock Company (PTSC - stock code PSP). The purpose of this transaction is for Viconship to reduce its ownership stake in PTSC.

Accordingly, Viconship plans to sell over 8.82 million shares, equivalent to 22% of PTSC's charter capital. With a minimum price of VND 10,000 per share, 9% lower than PSP's current market price (VND 11,000), the total minimum value Viconship could receive is VND 88.2 billion.

The transaction is expected to be executed through order matching and agreement methods between September 12th and October 10th.

The move to divest all capital from PTSC is part of Viconship's strategy to exit non-core areas and focus on expanding its core business through mergers and acquisitions.

Previously, at the 2024 Annual General Meeting of Shareholders, Viconship approved a plan to divest from the Hyatt Place Hai Phong Hotel Project. The management explained that this divestment was aimed at focusing resources on the company's core businesses, helping to reduce the burden of financial costs and interest expenses.

In terms of business results, in the first six months of this year, Viconship achieved net revenue of VND 1,304 billion, an increase of 30.6% compared to the same period last year. Gross profit during this period was approximately VND 425 billion, with a gross profit margin of 32.6%.

The company reported pre-tax profit of VND 203 billion and after- tax profit of VND 161 billion, both doubling compared to the same period last year.

This year, Viconship plans to achieve revenue of VND 2,450 billion, a 16.2% increase compared to the same period last year. Pre-tax profit is projected at VND 320 billion, a 20.7% increase compared to 2023. After half a year, the company has completed 53.2% of its revenue plan and 63.4% of its profit target.

Viconship stated that it will continue to ensure the successful maintenance of its core business operations across all three regions of Vietnam, invest in expanding production, and effectively utilize infrastructure projects closely linked to the company's core business segments for development in 2024 and subsequent years. The company plans to commence construction of a deep-water port project in Hai Phong in 2024-2025, and continue to research investment in deep-water ports in Da Nang and Vung Tau, along with other potential logistics hubs.

In addition, Viconship stated that in 2024, bank interest expenses are expected to be VND 184 billion due to the investment program to acquire a controlling stake in a port-related company. Investment losses in subsidiaries and associated companies are expected to be VND 20 billion.

As of the end of June, the company had total assets of VND 6,488 billion, an increase of VND 1,298 billion compared to the beginning of the period. Liabilities decreased slightly from VND 1,896 billion at the beginning of the year, down to VND 1,833 billion. Equity was over VND 4,655 billion, and undistributed after-tax profit reached VND 696 billion.

Source: https://baodautu.vn/viconship-muon-thoai-toan-bo-von-tai-ptsc-dinh-vu-d224250.html