HIGHLIGHTS
- The charter capital of SP-PSA Port will increase from 63.5 million USD to 113.5 million USD.
- SP-PSA’s shareholders invested additional capital in cash corresponding to the proportion of ownership in SP-PSA.
- SP-PSA will plan to improve infrastructure, human resources and other aspects to develop container cargo exploitation, after paying off the debt.
FULL ARTICLE
The Board of Directors of Vietnam Maritimes Corporation (VIMC) has just issued the capital investment plan of USD 7.5 million (equivalent to VND 173 billion), to increase the ownership rate to 15% at SP-PSA International Port Company Limited.
Specifically, the charter capital of SP-PSA Port will increase from 63.5 million USD to 113.5 million USD, of which the shareholders of PSA Vietnam Pte. Ltd, Saigon Port Joint Stock Company, VIMC invested 24.5 million USD, 18 million USD and 7.5 million USD, respectively.
SP-PSA’s shareholders contribute capital in cash according to the proportion of ownership in SP-PSA. Currently, these shareholders own respectively 49%, 36%, and 15% of the capital in the aforementioned international port.
SP-PSA is the first deep-water container port of Cai Mep – Thi Vai area started operating in 2009 with a total investment of 240 million USD. In which, PSA invested USD 31.1 million in cash, Vietnamese shareholders contributed USD 32.4 million in land use rights, USD 158 million from long-term loans from foreign banks and 33 million USD borrowed from third shareholders.
In 2014, SP-PSA directors borrowed an additional USD 14.4 million from PSA Vietnam to pay the banks.
As of June 30, 2021, according to a report of Saigon Port, SP-PSA Port is unable to pay the principal and interest as committed to the banks.
After negotiation, the bank has agreed to write off $66.9 million (about 61% of the principal), if shareholders pay all of the original $43 million to banks before October 2021.
Phan Quyen
FURTHER READING
Cai Mep Ha Container Terminal Project – 15 years of wasting and clashing
