The Vietnamese government raised 4.18 trillion dong ($184 million) through the sale of a 20 percent stake in state-owned Petrovietnam Oil Corp (PVOIL) in an initial public offering (IPO), the company said on Thursday. The proceeds exceeded the government’s target of raising at least $122 million from the sale, which is part of a plan to privatise hundreds of state-owned enterprises to boost their performances and ease budget pressure. Demand at Thursday’s IPO of PVOIL, Vietnam’s sole crude oil exporter, exceeded supply by 2.3 times, with foreign investors buying a 6.62 percent stake in the company, the firm said in a statement. Vietnam was among the world’s fastest-growing stock markets last year, with the benchmark VN Index leaping nearly 50 percent. It has jumped around 12 percent so far in 2018, despite a technical glitch that shut down the market for two days. The market was supported by listings and share sales in companies such as brewer Sabeco, mall operator Vincom Retail and airline Vietjet Aviation, which have good earnings or market share and attracted foreign funds. A further 44.7 percent stake in PVOIL, which plans to raise its market share in Vietnam’s retail fuel distribution to 35 percent from 22 percent now, will be offered to strategic investors, including both foreign and domestic players. PVOIL has said Royal Dutch Shell PLC, Japan’s Idemitsu and Thailand’s PTT are among eight companies registered to become PVOIL’s strategic investors. Vietnam’s Sovico Holdings, chaired by Vietnam’s first woman billionaire and also founder and… [Read full story]
HANOI - VietinBank, Vietnam's second-biggest partly private lender by assets, will sell a 20 percent stake - the biggest available to foreign investors - to Japan's Bank of Tokyo-Mitsubishi UFJ for 15.46 trillion dong (US$743 million). Photo: Reuters The Hanoi-based bank will issue new shares to the Japanese lender in the largest-ever merger and acquisition deal in Vietnam's banking industry, VietinBank said in a statement on Thursday. The deal valued VietinBank at $3.7 billion followed by Vietcombank at about $3 billion. The deal follows Mizuho Financial Group Inc's $567 million acquisition last year of 15 percent of Vietcombank, or The…... [read more]
HA NOI (VNS) - Vietinbank (listed as CTG on the HCM City Stock Exchange) will sell a 20 per cent stake to Japanese partner Tokyo Mitsubishi UFJ, following an agreement this morning. The VND15.465 trillion (US$743 million) purchase made it the largest acquisition in the banking sector, said Vietinbank's chairman Pham Huy Hung. The Vietnamese lender said it had gained permission to issue new shares, to increase its charter capital to VND32.661 trillion ($1.55 billion) and equity to VND45 trillion ($2.1 billion). The acquisition will make Vietinbank the largest Vietnamese commercial bank in terms of capital and shareholder structure. Meanwhile,…... [read more]
Vietnam's Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) is holding an initial public offering (IPO) to foreign investors this month for up to 20 percent of the company that could raise up to $300 million, a bank official said on Wednesday.HDBank, as the lender is commonly known, is a retail bank whose vice chairwoman is Nguyen Thi Phuong Thao, the billionaire founder and chairwoman of Vietjet Aviation , Vietnam's largest private airline.The bank would offer each foreign investor a less than 5 percent stake through the IPO and plans to list on the Ho Chi Minh Stock…... [read more]
Cholimex to sell 50% stake at IPO Tran Thu By Tran Thu - The Saigon Times Daily HCMC – Cho Lon Investment and Import-Export Company Limited (Cholimex) has announced a plan to sell nearly half of its shares at an initial public offering (IPO) auction set for next month as part of its equitization scheme. Around 21.6 million shares (24.9%) of the State-owned firm will be put up for sale at the starting price of VND10,000 each on the Hochiminh Stock Exchange on March 4. Investors can register to buy shares and place deposits at Cholimex’s auction agents until February…... [read more]
VietNamNet Bridge - Vietnam Coal and Mineral Industries' (Vinacomin) proposal to raise coal prices by 20-40 percent beginning on April 1 was unexpectedly approved by the Ministry of Finance. The latest coal price increase plan was carried out very quietly because unlike previously, the news was not caught and reported by local newspapers. In general, any attempt by Vinacomin to raise coal prices would face strong opposition from big coal consumers, who complain that the higher coal prices would make their production costs higher and weaken the competitiveness of their products. Explaining the coal price hike, Vinacomin said that the…... [read more]
