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VietinBank to divest from Saigon Port

Aug 9th at 07:44
09-08-2016 07:44:27+07:00

VietinBank to divest from Saigon Port

The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) will fully divest from Saigon Port and Hai Phong Port.

 

VietinBank currently owns more than 19.6 million shares (9.07 per cent) of Saigon Port and nearly seven million shares of Hai Phong Port.

The 2016 annual general meeting of Saigon Port has approved full divestment of two strategic shareholders, VietinBank and VPBank, from Saigon Port. VPBank owns 16.09 million shares (7.44 per cent) of Saigon Port.

VietinBank's divestment is aimed at meeting the State Bank of Vietnam's requirement of retrieving the investment capital.

The HCM City-based Saigon Port, which has a total asset value of roughly VND3.95 trillion (US$176 million), operates important ports in the country's southern region, such as Nha Rong, Khanh Hoi, Tan Thuan I and Tan Thuan II, besides Phu My Steel Port.

Hai Phong Port, located in the northern city of Hai Phong, is one of the largest ports in that region.

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