Vietnam Company Looks at US Listing

Last Friday, Vietnamese Trai Thien Group (“Trai Thien”) announced it has agreed to pay state-owned Vietnam Shipbuilding Industry (“Vinashin”) USD 470 million for 16 ships. The first batch of vessels, ranging between 34,000 and 56,000 DWT, will be delivered next year and the group is reportedly looking at issuing shares in the United States some time at the end of this month to finance the newbuildings. Nguyen Quoc Khanh, Chairman and CEO of the Group disclosed during the contract signing ceremony that the group hopes to list 300 million shares in the United States to raise capital and more importantly build up its brand awareness globally. Based in Ho Chi Minh City, it plans to set up an office in California to support its shipping business in the West. Local media reports also suggest that a corporate bond issuance may be on the cards.

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