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Individual investors scramble to buy Saigonbank shares

Jun 22nd at 16:32
22-06-2016 16:32:47+07:00

Individual investors scramble to buy Saigonbank shares

Ten individual investors have registered to buy up to 67.5 million shares of Saigonbank, while Vietinbank will divest only nearly 16.9 million shares of Saigonbank.

 

The registered number is four-fold higher than the total shares that Vietinbank will sell at a public auction to be organised on June 24 this year.

VietinBank, one of Vietnam's biggest lenders, will reduce its stake in the smaller bank — Saigonbank — to 4.91 per cent from 10.39 per cent, currently.

With a starting price of VNĐ10,800 per share, the sale will raise at least VNĐ182.1 billion (US$8.12 million).

The sale of shares is in line with the central bank's existing rules regarding cross ownership, which limit local commercial banks' stake in another lender to less than 5 per cent, according to VietinBank.

One of Việt Nam's smallest lenders by assets, Saigonbank posted VNĐ54.73 billion in pre-tax profit last year, a more than four-fold drop from 2014.

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