The Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) has offered to sell 45.6 million shares it is holding in the Viet Nam Export-Import Joint Stock Commercial Bank (Eximbank).— Photo dantri.com.vn The Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) has offered to sell 45.6 million shares it is holding in the Viet Nam Export-Import Joint Stock Commercial Bank (Eximbank). Vietcombank plans to sell the shares at nearly VND14,500 (US$0.64) per share and expects it would receive at least VND661 billion ($29.4 million) from the deal. Vietcombank holds more than 101 million shares of Eximbank, equal to an 8.24 per cent stake. If the deal is successfully carried out, Vietcombank will cut its ownership in Eximbank to below 5 per cent. The deal aims to help Vietcombank comply with Circular 36, released in November 2014 by the State Bank of Viet Nam and regulating a below-5-per-cent-stake held by a financial institution in another. Vietcombank and Eximbank shares are listed on the HCM Stock Exchange with ticker VCB and EIB, respectively. Vietcombank shares gained 1.7 per cent to close Friday at VND64,400 per share while Eximbank shares dropped 1.1 per cent to VND14,050 per share. The auction will be held at the Ha Noi Stock Exchange on October 22. Vietcombank has sold parts of its stakes in some financial institution such as SaigonBank and Cement Financial Company (CFC), and offloaded all its shares in Orient Commercial Bank (OCB). Last week, Vietcombank announced it would put… [Read full story]
Leave a Reply