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Vinalines replaces the entire board of Quy Nhon Port Company after receiving 75% of the shares

Mr. Pham Anh Tuan – Deputy General Director of the Vietnamese National Shipping Corporation (Vinalines) was elected Chairman of the Board, replacing Mr Le Hong Thai.

On June 29, the Quy Nhon Port Joint Stock Company held a shareholders' meeting after transferring 75.01% stake in the Vietnamese National Navy Line (Vinalines) with a transfer of RSD 415 billion a month. 5, according to the Government's instructions.

The Congress reviewed and approved the resignation of all 5 former Board members and elected 5 new members, including Pham Dang Cao, Nguyen Quy Ha, Phan Tan Linh, Ly Quang Thai and Pham G. Tuan. At the same time he reviewed and approved the report on the resignation of the Supervisory Board of 3 members and elected the new Supervisory Board.

As a result, Mr. Pham Anh Tuan – deputy general manager of Vietnam's national naval lines (Vinalines) was elected as chairman of the Committee; Mr. Le Duy Cuong is the Head of the Supervisory Board.

Vinalines Deputy General Manager Pham Anh Tuan (third from left) is in charge of President Quy Nhon Port's joint stock company on June 29th. Photo: Van Anh

Vinalines Deputy General Manager Pham Anh Tuan (third from left) is in charge of President Quy Nhon Port's joint stock company on June 29th. photo: Van Anh

The meeting also agreed to dismiss Mr Le Hong Thai as general manager of today and to elect Pham Tuan Linh as general director for the five-year term Mr. Thai.

Speaking after being fired, Mr. Le Hong Thai said his feelings were gentle and quiet before his achievements. The efforts of all port officials and employees over the past five years, with commitment and dedication, have created a development step in all aspects of Quy Nhon Port.

Previously, the 2018 Business Report, the Quy Nhon Port Joint Stock Company, said the cargo flow in the port reached more than 8.3 million tons, which is 16% compared to 2017 and up 8% on the next. planning; Total revenues reached more than 728 billion VND, which is 28.3% more than 2017 and reached 115% of the plan set by the shareholders' meeting.

Profit before tax reached more than 120 billion dinars, which is 28% more than 2017 and reached 109.2% of the allocated plan. Total assets as of 31.12.2016. It amounts to more than RSD 646 billion, which is more than 72.4 billion compared to the beginning of the year.

In 2013, Quy Nhon Port was converted into a joint stock company called Quy Nhon Port Joint Stock Company with a share capital of over RSD 404 billion. In which Vinalines has more than 75%, the remaining shareholders hold 24.9%. However, after that, Vinalin's property was transferred to the Hop Thanh Company.

By the end of 2018, the State Inspectorate concluded that the equalization of the Quy Nhon port had many non-compliant points, so it was proposed that the Ministry of Transport allocate more than 75% of shares in Quy Nhon port that was transferred to Hop Thanh.

Subsequently, the Ministry of Transport has withdrawn 2 previous documents whose contents are not in accordance with national legislation on equalization of Quy Nhon Port and, together with Vinalines, carry out legal regimes for the re-registration of shares and transferred to the state-owned economy.

In line with the government's instructions, Vinalines has switched 415 billion VNDs on May 30 to receive 75.01% stake in Quy Nhon Port. This is the amount of money Hop Thanh spent on buying these shares five years ago. The amount of money investors spent on investing in project items after the purchase of Quy Nhon Port was not solved because of the waiting for an independent estimate.

Previously, applying the guidelines of the Ministry of Transport Traffic to 75.01% of authorized capital at Vinalines, the Hop Thanh company actively carries out the valuation of legitimate interests of Conga. The company (increasing and decreasing the value of the Port Quy Nhon) at the stage of participation in management and port operations to ensure the consistency of the interests of the state and investors.

After calculating, Hop Thanh proposed a plan to pay off the value when transferring 75.01% of the charter capital of Quy Nhon to Vinalines over 751 billion VND. Out of that, 415 billion is the price for the purchase of the Hop Thanh company's shares paid to Vinalines to receive a 75.01% share of Quy Nhon's stock capital, the remaining $ 336 billion being the legitimate benefit of the company. This company is at the stage of management and management of ports (value of investment and purchase, purchase after equalization, opportunity cost of the investor …).

According to the Quy Nhon Port Company report, in the post-equalization period (2014-2018), general economic indicators are very unstable, but high growth rates, revenues and profits have been achieved. high growth rate. The average income after the Equalization Period reached more than 552 billion VND annually (47% more than before fiscalization in 2010-2013); the average pre-tax profit grew by almost 330% (from 20.7 billion a year to more than 89 billion); Likewise, the average income after taxation also increased sharply from RSD 14.1 billion annually (equivalent to 407%).

Port Quy Nhon is one of the nation's general ports, regional clusters (type 1) in the southern central port harbor with a system of 20,960 warehouses, 12,000 square meters of yard and 48,000 m2 of container yard, on 306,568 m2 of space. The harbor has 6 guns in total length of 824 m, which can receive 30,000 DWT ships with normal frequency. Freight traffic in 2015 amounted to 7.5 million tonnes.


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