The Commercial Joint Stock Bank for Foreign Trade of Vietnam (Vietcombank) is looking to sell 350 million shares, or a ten-percent stake, to foreign investors in the first half of 2018. The bank’s chairman Nghiem Xuan Thanh told Tuoi Tre (Youth) newspaper that the plan for the private placement had been approved by the relevant authorities. “We have submitted our plan to the State Bank of Vietnam and the government for approval,” Thanh said. The shares would be issued by way of public auction or private placement to a limited number of foreign investors, and sales of the issuance would be based on market prices but not lower than the valuation rate, the chairman added. Vietcombank is Vietnam’s top lender by market value, whose shares closed at VND71,900 (US$3) on Monday, having doubled in value since the end of 2016. The bank has a market capitalization of nearly VND258.68 trillion ($11.36 billion) as of February 2018. Thanh told reporters that Singapore’s sovereign fund GIC was among the potential buyers, while Japan’s Mizuho Bank, the biggest foreign investor in Vietcombank with a 15-percent stake, would be allowed to buy additional shares to maintain its ownership ratio at the bank, Nikkei reported. Vietnam’s law prevents one foreign investor from holding more than 30 percent of a state bank. Vietcombank is among a small number of banks that have a 9.12 percent stake reserved for foreign investors, Nikkei cited Linh Nguyen from Saigon Securities Research as saying. Thanh also announced plans to divest… [Read full story]
VP Bank set to sell 10% stake (27-02-2006) Customers conduct banking transactions at Asia Commercial Bank (ACB), one of the first local commercial banks to sell shares to foreign partners. — VNA/VNS Photo Minh Quang HA NOI — The joint-stock VP Bank is working with Singapore-based Overseas Chinese Banking Corporation (OCBC) on a deal to sell 10 per cent of the Vietnamese bank's shares to OCBC, according to a banking source. Although OCBC has not yet confirmed the news, some sources believe the bank sent representatives to Viet Nam recently to survey VP Bank's operations. Sources also indicated that both…... [read more]
Fan maker sells shares to foreign investor (15-03-2008) HCM CITY — Electric fan company Quat Viet Nam, which has a chartered capital of VND67 billion (US$4.2 million), will sell a 25 per cent stake to the Danish investment group, BankInvest, under a contract signed on Thursday in HCM City. The price was not disclosed. BankInvest manages the $100 million fund Private Equity New Markets (PENM) that invests in Viet Nam. The sale will make BankInvest the first foreign strategic shareholder of Quat Viet Nam, whose products bear the trademark Asia. "We'll carry out studies to have an overview of Quat…... [read more]
By Thuy Trieu - The Saigon Times Daily HCMC – Vietnam Bank for Industry and Trade, or VietinBank, on Sunday evening inked a cooperation deal with International Finance Corporation (IFC) including the sale of a 10% stake to the foreign institution at the value of US$190 million. Pham Huy Hung, chairman of VietinBank, confirmed the information above with the Daily via the phone on Sunday. In addition, the deal also includes a loan worth US$110 million from IFC to VietinBank with a term of ten years and interest rate equivalent to the Libor rate plus 1.5 percentage points a year,…... [read more]
By Van Nam - The Saigon Times Daily HCMC – PetroVietnam Engineering Corporation (PVE), a unit of Vietnam Oil and Gas Group, has sold 2.5 million common shares, or a 10% stake, to Malaysia-based Technip Geoproduction Sdn Bhd. PVE’s share sale is aimed at reinforcing its resources and expanding its services operations in the oil and gas industry engineering market.To become a strategic partner of PVE, Technip Geoproduction pays VND14,500 for each share, according to the agreement signed last week. It will also provide technical support for consultancy and engineering services in offshore, sub-sea and onshore oil and gas projects,…... [read more]
HA NOI (VNS) - Foreign investors remained net sellers on the Vietnamese stock market yesterday, pulling down both exchanges. Foreigners were responsible for net sales of nearly VND252 billion (US$11.9 million) on the HCM City Stock Exchange, an increase of 73 per cent compared with Wednesday. They were also net sellers on the Ha Noi Stock Exchange, with a value of almost VND8 billion (US$379,000), down 6 per cent from the previous day. Consecutive net sales by foreign sector since the beginning of this week have made local investors pessimistic about the market outlook, causing them to follow suit fearing…... [read more]
