Saigon Seaport sets sail on unlisted public market

By FinancePlus, Dam Tuan   April 25, 2016 | 06:08 pm GMT+7

Saigon Port Joint Stock Company (SGP) became the fifth most valuable company on the UPCoM market today with registered trading value of more than VND2.16 trillion ($97 million).

On April 25, the Hanoi Stock Exchange (HNX) officially received over 216.2 million SGP shares and listed them on the Unlisted Public Companies (UPCoM) market with a reference price of VND11,500.

saigon-seaport-sets-sail-on-unlisted-public-market

Saigon Seaport attracted numerous investors with a large volume of transactions on its first trading day. Photo by FinancePlus 

In the first trading session, SGP shares rose more than 20 percent to VND14,000. At the end of trading, SGP closed at VND14,300 per share with a trading volume of 148,100 shares. The top four shares on the market in terms of registered value are Masan Resource JSC (MSR), Vietnam Steel Corporation (TVN), Thai Nguyen Iron and Steel Corporation (TIS) and Viglacera Corporation (VSC).

Saigon Port JSC transferred from a single member limited company to a joint stock company in 2015. Saigon Port, the parent company, reported revenue of VND1.01 trillion ($45 million) in 2015, climbing 9.1 percent compared with 2014. Its post-tax profit increased 30 percent to VND68.3 billion.

Saigon Port is a national seaport complex with four waterfronts in District 4 and District 7. The seaport plays an important role in the national transportation network, contributing to the socio-economic development of Ho Chi Minh City and southern Vietnam.

As the largest port in Ho Chi Minh City, it also connects Cai Mep Deep-Water Port with the Mekong Delta and Cambodia.

The total length of all of Saigon ports are over 1.8 million square meters and the circulated goods volume reached average 10 million tons per year.