Tuesday, November 20, 2018 12:27:26 AM - Markets open
VN-INDEX 916.06 +17.87/+1.99%
HNX-INDEX 103.95 +0.93/+0.91%
UPCOM-INDEX 52.40 +0.38/+0.74%
SCIC to sell Maritime Bank’s shares second time
http://vietnamnews.vn/ - 2/27/2018 3:45:42 PM
 (0 ratings. You must sign in to rate.)
The State Capital Investment Corporation (SCIC) will put up more than 2.4 million shares of Maritime Bank for a public auction on the Hà Nội Stock Exchange on March 28.
The initial price of each share will be VNĐ12,400 (US$0.54).
Interested investors must register to buy the whole lot.
This is the second attempt by SCIC to offload Maritime Bank’s shares since its failure in November 2015.
Experts, however, have predicted that this auction too would fail due to overpricing since Maritime Bank’s shares are being traded at some VNĐ7,000-VNĐ8,000 per share on the Over-The-Counter (OTC) market.
In addition to this, the share offering accounts for only 0.3 per cent of the bank’s charter capital, which is quite less to participate in the bank’s management.
Earlier, Việt Nam Posts and Telecommunications Group (VNPT) had announced the third auction of more than 71 million shares of Maritime Bank, equivalent to 6.09 per cent of its capital, at a minimum price of VNĐ11,900 per share.
Its two previous auctions, in March 2017 and January 2018, failed to draw investors.
Maritime Bank, founded in 1991 in the northern port city of Hải Phòng, had an initial charter capital of VNĐ40 billion. It was relocated to Hà Nội in 2005 and acquired Mekong Development Commercial Joint Stock Bank in 2015, lifting its charter capital to VNĐ11.75 trillion, with total assets of some VNĐ104 trillion.
The lender is one of the most aggressive commercial banks to sell bad debts to Việt Nam Asset Management Company, with a total value of almost VNĐ10 trillion by the end of 2015.
Prices of Maritime Bank’s shares on the OTC market has doubled in the past one year, from VNĐ4,000 per share to VNĐ8,000, owing to active divestment plans by stakeholders. — VNS
Read original article here
Newer News
08/08 Seven-month State budget collection up 13.4 percent
02/08 2.3 trillion VND raised from Government bonds
24/07 Guaranteed bonds mobilise 150 billion VND
07/07 Over 2.8 trillion VND raised from G-bonds
06/06 Ministry to auction stake at Bach Dang Construction Corporation
04/06 Over 11 trillion VND raised via G-bond auctions in May
01/06 Low interest rate slows G-bond sales
24/05 Over 1.6 trillion VND raised from Gov’t bonds
03/05 MoIT continues to cut administrative procedures
Older News
05/02 Nearly $850m raised from Gov’t bonds in January
27/01 Govt gets VND4.17 trillion from PV Oil stake sale
19/01 SCIC’s pre-tax profit rises 33 percent
09/01 Vietnam’s public debt stands at 61.3% in 2017
01/12 Vietnam Aims to Raise $4.8 Billion Selling Stake in Brewer
01/12 Ministry targets US$5 billion from sale of Sabeco stake
Newsletter Signup
Top Stories
VN Index to rise amid volatility, weak liquidity
VN stocks continue rallying
VN manufacturing PMI hits 22-month high in March
CPI goes up 4.96 percent year-on-year in first quarter
Slight rise in February CPI
Market Update
Last updated at 3:09:16 PM
VN-INDEX 916.06 +17.87/+1.99%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.