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You are here: Home / Coverage / Bank stock auctions less charming than before?

Bank stock auctions less charming than before?

October 24, 2018 by vir Leave a Comment

Vietcombank’s recent attemp to divest from Eximbank saw poor results On October 17, the Hanoi Stock Exchange (HNX) announced cancelling the auction of a batch of Eximbank (EIB) stocks owned by Vietcombank because no investor registered. This was Vietcombank’s second failure as on October 15, the bank also saw flat results in the auction of Military Bank (MBB) stock. The bank’s capital divestment from EIB and MBB were to match the State Bank’s Circular 36/201/TT-NHNN that regulates minimum safety limits and ratios in banking operations because Vietcombank’s current ownership in these two banks are above the regulated 5 per cent. Particularly, at the MBB stock auction, Vietcombank offered to sell 53.4 million shares at the starting price of VND19,641 ($0.85) apiece. After the deadline of placing deposits to purchase stocks, only 10 investors (five corporate and five individual) registered to buy a total of 5.9 million shares, equal to 11 per cent of the total stocks put on offer. Eventually, only one individual investor bought 10,000 MBB stocks at the average bid price of VND21,900 ($0.95). All the remaining unsold stock will be sold by Vietcombank through order-matching in the stock market. Earlier, Vietcombank staged three auctions to sell all of its stake in Ho Chi Minh City-based commercial lender Orient Commercial Bank (OCB). The situation has posed the question whether investors are no longer keen on bank ticker auctions. The starting price of the MBB stock at the recent auction was VND19,641 ($0.85) apiece while that of EIB was… [Read full story]




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