Dutch shipbuilder wants to hold controlling stake in SBIC subsidiary

December 19, 2014 | 10:36

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Dutch shipbuilder Damen expressed the interest to buy at least 70 per cent of Song Cam Shipyard, a subsidiary of Shipbuilding Industry Corporation (SBIC), said a source from SBIC, adding that SBIC has reported to the prime minister and leaders of the Ministry of Transport.

“Damen’s participation is going to help Song Cam improve governance, technology and training for employees as well as enable the latter to approach the international shipbuilding market,” said a leader of SBIC.

The decision to choose Damen as the strategic investor of Song Cam was approved by the prime minister in August. However, according to the prime ministerial Decision 55/QD-TTg issued in 2009 on the participation of foreign investors in listed firms, foreign holding should not exceed 49 per cent.

As a result, SBIC has formally requested the prime minister and the Ministry of Transport for an exception. “If it’s accepted, Damen and SBIC are going to finish negotiations on the value of the purchase in the middle of January 2015,” this leader said.

Damen started cooperating with Vinashin, the precursor of SBIC, ten years ago and is currently an important partner of many companies under SBIC, most specially $60 million joint venture Damen-Song Cam, which started operation at the beginning of the year, in which Damen contributed 70 per cent of the capital.

Damen has asked to buy the controlling stake in another SBIC subsidiary, Halong Shipbuilding Co. Ltd., when the latter goes public in the beginning of 2015.

By By Anh Minh

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