The Bank for Foreign Trade of Vietnam (Vietcombank) on November 20 was estimated to receive 342.6 billion VND (15.2 million USD) from selling its entire stakes in the Saigon Bank for Industry and Trade (SaigonBank) and Vietnam Cement Finance Company (CFC) (Photo: vneconomy.vn) Hanoi (VNS/VNA) - The Bank forForeign Trade of Vietnam (Vietcombank) on November 20 was estimated to receive 342.6billion VND (15.2 million USD) from selling its entire stakes in the SaigonBank for Industry and Trade (SaigonBank) and Vietnam Cement Finance Company(CFC).
Vietcombank offered 13.25 million shares ofSaigonBank (4.3 percent of the bank’s capital) and 6.6 million shares of CFC(10.91 percent of the finance company’s capital) for auction, according to the HanoiStock Exchange.
The northern exchange regulator announcedthat 20 investors had registered to purchase SaigonBank shares with totalregistered volume of nearly 53.82 million shares but only two of them couldafford the shares.
The two investors, including one individualand one institutional investor, bought SaigonBank shares at the highest biddingprice of 20,100 VND per share, 1.6 times the initial asking price of 12,550 VNDper share set by Vietcombank.
Vietcombank was estimated to earn 266.36billion VND from the sale of SaigonBank shares, bringing a profit of 143billion VND to Vietnam’s largest bank by market capitalisation.
The sale of CFC shares also helpedVietcombank receive 76.25 billion VND. The initial asking price for CFC shareswas 11,549 VND per share.
Nine individual investors signed up for theauction of CFC shares with registered buying volume of 6.67 million shares.
The shares were sold to all nine investorsfor an average 11,554 VND per share. The deal was reported to generate 5.3billion VND in profit for Vietcombank.
After divesting from SaigonBank and CFC,Vietcombank plans to sell its ownership in three other financial-bankingbusinesses, the Orient Joint Stock Commercial Bank (OCB), the VietnamExport-Import Commercial Joint Stock Bank (Eximbank) and the MilitaryCommercial Joint Stock Bank (MBBank).
Vietcombank aims to complete selling itsstake in OCB by the end of this year while the other two deals are set to befinished in January 2018 and expected to help Vietcombank earn 1 trillion VND inprofit.-VNA
Vietcombank offered 13.25 million shares ofSaigonBank (4.3 percent of the bank’s capital) and 6.6 million shares of CFC(10.91 percent of the finance company’s capital) for auction, according to the HanoiStock Exchange.
The northern exchange regulator announcedthat 20 investors had registered to purchase SaigonBank shares with totalregistered volume of nearly 53.82 million shares but only two of them couldafford the shares.
The two investors, including one individualand one institutional investor, bought SaigonBank shares at the highest biddingprice of 20,100 VND per share, 1.6 times the initial asking price of 12,550 VNDper share set by Vietcombank.
Vietcombank was estimated to earn 266.36billion VND from the sale of SaigonBank shares, bringing a profit of 143billion VND to Vietnam’s largest bank by market capitalisation.
The sale of CFC shares also helpedVietcombank receive 76.25 billion VND. The initial asking price for CFC shareswas 11,549 VND per share.
Nine individual investors signed up for theauction of CFC shares with registered buying volume of 6.67 million shares.
The shares were sold to all nine investorsfor an average 11,554 VND per share. The deal was reported to generate 5.3billion VND in profit for Vietcombank.
After divesting from SaigonBank and CFC,Vietcombank plans to sell its ownership in three other financial-bankingbusinesses, the Orient Joint Stock Commercial Bank (OCB), the VietnamExport-Import Commercial Joint Stock Bank (Eximbank) and the MilitaryCommercial Joint Stock Bank (MBBank).
Vietcombank aims to complete selling itsstake in OCB by the end of this year while the other two deals are set to befinished in January 2018 and expected to help Vietcombank earn 1 trillion VND inprofit.-VNA
VNA
