Dang Thanh Tam’s wife to offload 14.8 mln NVB shares
Dang Thanh Tam’s wife to offload 14.8 mln NVB shares
Nguyen Thi Kim Thanh, the wife of National Assembly deputy cum famous businessman Dang Thanh Tam, has registered to sell over 14.82 million shares of Nam Viet Commercial Joint Stock Bank (Navibank), according to Hanoi Stock Exchange (HNX).
The sale, which is said for personal financial needs, is expected to be implemented via matching order or negotiation methods from December 12 to January 10, 2013.
Previously, from August 30 to September 30, Thanh failed in the same attempt to divest from the bank.
NVB is traded at VND6,400 per share, up VND300 (4.9 percent) against the previous day.
Currently, NVB shares - listed on the northern bourse in September, 2010 - are at the bottom area.
If she successfully offloads 4.98 percent stake of the bank, coded NVB on HNX, Thanh, a member of the bank’s board of directors, will take home more than VND90.4 billion ($4.34 million).
Currently, her husband Dang Thanh Tam holds over 14.82 million shares of NVB, accounting for 4.98 percent stake.
Two listed firms, Bac Urban Development Corp and Saigon Telecommunications and Technologies Corp(coded KBC and SGT), of which Tam is board chairman, offloaded about 26.5 million shares and 18.81 million shares of banks in Q3/2012, respectively.
The two firms, KBC and SGT, owed Navibank and Western Commercial Joint Stock Bank (WesternBank) some VND3 trillion ($144 million) in total, according to their Q3/2012 financial statements.
Tam was ranked the richest man in Vietnam in 2007, and the third wealthiest in 2008, 2009 and 2010 based on the value of shares. The total value of the stocks he owned dropped from over VND6 trillion to around VND3.2 trillion in 2008.
In the first 6 months of 2012, NVB’s after-tax profit was at VND91.46 billion, down 4 percent year on year.
As of June 30, the bank’s credit growth was at 2.4 percent. Its bad debt was at 3.87 percent, up from the 2.92 percent rate early this year. The amount of bad debt reached VND511 billion, of which potentially irrecoverable debt was at over VND231 billion.
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