Logistics major Gemadept to sell entire stake at Nam Hai Dinh Vu port in Hai Phong

Gemadept, a leading port and logistics company in Vietnam, has approved a plan to sell its entire stake at the Nam Hai Dinh Vu Port JSC, the operator of Nam Hai Dinh Vu port in Hai Phong city.

The firm assigned CEO Nguyen Thanh Binh to look for suitable partners to sell the stake and sign on the transfer upon authorities' approval.

Gemadept, listed on the Ho Chi Minh Stock Exchange (HoSE) as GMD, holds a capital contribution rate, benefit rate, and voting right rate in the Nam Hai Dinh Vu Port JSC of 84.66%, according to the firm's financial statement for the third quarter of 2022.

Nam Hai Dinh Vu port is among the top hubs in the northern city of Hai Phong thanks to its modern facilities and equipment. The 16.68-hectare port in Dinh Vu Industrial Park can accommodate vessels of up to 48,000 deadweight ton (DWT) and has an annual capacity of 550,000 twenty-foot equivalent units (TEUs).

GMD’s port system includes four in the northern region, namely Nam Hai ICD, Nam Hai, Nam Dinh Vu, and Nam Hai Dinh Vu; one in the central region, Dung Quat; and three in the southern region, Phuoc Long ICD, Gemalink, and Binh Duong.

Earlier this week, GMD announced its plan to offer 100.46 million shares to existing shareholders at an affordable price of VND20,000 ($0.85) to raise VND2,009 billion ($85 million) in 2023 to expand ports.

Of the proceeds, GMD eyes to allocate VND1 trillion ($42.34 million) to increase capital contributions to Gemadept-Terminal Link Cai Mep Terminal JSC to carry out the expansion investment phase 2; VND800 billion ($33.87 million) to increase capital contributions to Dinh Vu Port Investment and Development JSC to implement the second phase of expansion investment and contribute capital to inland waterway port projects; and VND209 billion ($8.87 million) to be invested in purchasing fixed assets to develop the company's business activities.

In the first nine months of the year, the company recorded consolidated net revenue of nearly VND2,850 billion ($120.7 million), up 31% year-on-year. Its pre-tax profit reached VND1,056 billion ($44.7 million), up 83.6%.

Sea ports in Vietnam handled 733.18 million tons of goods in 2022, up 4% year-on-year, according to the Vietnam Maritime Administration. They included 342.79 million tons of domestic goods, up 12%; 179.07 million tons of exported goods, down 3%; and 209.26 million tons of imported goods, down 2%. Of which, Vietnamese ships handled 128.7 million tons, down 13% year-on-year.