VietinBank is pressing ahead with plans to divest from Saigon Port JSC (SGP), announcing a fresh offering of 19.3 million shares as it seeks to reduce its holding in the port operator.
The move follows a previous attempt in which the bank sold just 275,500 shares from an earlier offering, underscoring subdued investor appetite.
Workers uploading commodities at Saigon Port.
The latest announcement was published on the Hanoi Stock Exchange on January 26.
The new tranche represents about 8.94 per cent of Saigon Port’s charter capital and will be conducted through matched order trading. The transaction period is scheduled to run from March 2 to March 31.
Previously, from January 19 to February 13, VietinBank registered to sell more than 19.6 million SGP shares, equivalent to 9.07 per cent of the company’s charter capital. However, only a small fraction was sold, with the bank citing unfavourable market conditions.
On November 18, the bank’s board of directors approved a plan to auction 19.6 million SGP shares publicly on the Hanoi Stock Exchange. The reserve price was set at VND 29,208 per share, with an expected minimum proceed of around VND573 billion (US$22 million). The auction did not proceed due to a lack of investor participation.
Saigon Port, formerly a wholly State-owned enterprise, was converted into a joint-stock company on October 1, 2015, following its initial public offering on June 30, 2015 at the Ho Chi Minh Stock Exchange. Its shares are currently traded on the UPCoM market.
Most recently, SGP shareholders approved a plan to cooperate with Vietnam Maritime Corporation (VIMC) and Mediterranean Shipping Company (MSC) on the development of an international transshipment port project in Cần Giờ.
The project will cover about 571ha, with a total investment of at least VND5 0 trillion. It is expected to operate for 50 years from the date of approval in accordance with the approved investment framework.
In 2025, Saigon Port reported revenue of more than VND1.2 trillion, up 11 per cent year on year. Profit before tax reached VND 429 billion, nearly 1.9 times higher than the previous year and exceeding the company’s annual target.
On February 27, SGP shares closed at VND27,600, up nearly 7.4 per cent since the start of the year and about 45 per cent over the past 10 trading sessions.