Taiwanese shipping company Wan Hai Lines has acquired a 20 per cent stake in Da Nang Port JSC to become the new principle shareholder of the Vietnamese port.

A ship anchored at the Da Nang Port

The Taiwanese firm purchased Da Nang Port shares through its sub-unit Wan Hai Lines (Singapore) Pte Ltd.

Wan Hai Lines bought 19.83 million shares in the Da Nang Port JSC via put-through transactions last Friday, the Ha Noi Stock Exchange (HNX) said in a statement on Wednesday.

The Da Nang Port shares were purchased for 20,000 VND (0.86 USD) per share, bringing the total value of the deal to 396.6 billion VND (17 million USD).

On Wednesday, the Vietnamese firm announced two of its principle shareholders – Lam Thi Mai and Vu Van Hai – had sold all their 11.55 million shares.

Mai and Hai owned 5.91 per cent and 5.76 per cent of the Da Nang Port JSC before the deal.

Other sellers remain unknown. The largest shareholder in the Da Nang Port JSC is the Viet Nam National Shipping Lines (Vinalines), which owns 75 per cent.

The port’s management firm started putting its 66 million shares up for trade on the Unlisted Public Company Market (UPCoM) on March 30, 2016 under code CDN.

The company cancelled its UPCoM launch and moved to the HNX on November 30, 2016. Its market ticket remained unchanged.

One year after moving from UPCoM to HNX, the company sold 33 million preferred shares to raise capital to 990 billion VND.

In 2018, the company earned 695 billion VND in total revenue, up 15.6 per cent year on year, and 148 billion VND in post-tax profit, up 12.6 per cent year on year.

(Source: VNS)