Viconship (VSC) borrowed thousands of billions to take over the entire Nam Hai Dinh Vu Port

Vietnam Container Corporation - Viconship (Code VSC) has approved the decision to increase its ownership ratio at Nam Hai Dinh Vu Port to a maximum of 100%.

Currently, Viconship owns 35% of the charter capital at Nam Hai Dinh Vu Port. The total charter capital of this port is currently 400 billion VND. It is expected that 65% of the charter capital of the port will be transferred from Doan Huy Investment and Trading Company Limited and Huy Hoang Import-Export Metal Trading Company Limited.

Viconship (VSC) borrowed 1,450 billion to acquire shares of Nam Hai Dinh Vu Port (Photo TL)

With a transfer price of about VND 83,800/share, the total value of this transfer transaction is about VND 2,179 billion.

Part of the funds to carry out the transaction came from the issuance of 133.4 million shares at VND10,000/share. In addition, Viconship's Board of Directors also approved a plan to borrow VND1,450 billion from a commercial bank branch in Hai Phong .

Viconship's acquisition of all shares of Nam Hai Dinh Vu Port is considered by many investors to be a risky move. VCBS believes that Viconship currently has high interest expenses and commercial advantage expenses. To carry out the acquisition, Viconship issued shares to increase capital, leading to a dilution of shares.

Regarding business activities, in the first quarter of 2024, Viconship recorded revenue of VND 586 billion, an increase of 26.5% over the same period. Profit after tax reached VND 70 billion, an increase of 63% over the same period last year. Notably, interest expenses increased sharply, accounting for nearly VND 58 billion.

At the end of the first quarter of 2024, the company's total assets were VND 5,334 billion. Of which, bank deposits were recorded at VND 811 billion. Total debt was VND 1,667 billion, most of which were long-term loans. Owner's equity accounted for VND 3,337 billion, and undistributed profit after tax currently accounted for VND 637 billion.

Source: https://www.congluan.vn/viconship-vsc-vay-no-nghin-ty-de-chuan-bi-thau-tom-toan-bo-cang-nam-hai-dinh-vu-post301861.html