TPBank share auction due next month postponed

TPBank share auction due next month postponed

The auction of more than 5.5 million TPBank shares, owned by Mobifone, due on February 7 will be postponed, the Ha Noi Stock Exchange (HNX) announced.

According to HNX, Mobifone asked the exchange to postpone the auction to clarify the foreign ownership ratio at TPBank to protect legal interests of investors taking part in the auction.

The move was made after TPBank sent a document to HNX, announcing that the foreign ownership ratio at the bank reached 30 per cent of its charter capital so that foreign investors will not be allowed to buy TPBank shares at the auction according to the current law.

HNX has asked auction agents to refund the investors, who registered and deposited to take part in the auction.

Last week, Mobifone announced that it will auction more than 5.55 million TPBank shares, or 1 per cent of the bank’s charter capital, on February 7. At a starting price of VND12,800 (56 US cents) per share, Mobifone is expected to gain at least VND70 billion (US$3.1 million) and cut its stake in the bank to 4.76 per cent.

On the same day, Mobifone will also auction more than 33.4 million SeABank shares, equal to 6.11 per cent of the bank’s charter capital. With a starting price of VND9,600 (42 US cents) per share, if successfully auctioned, Mobifone will gain more than VND320 billion and no longer be a shareholder of SeABank.

The divestment from the two banks is in line with Mobifone’s policy of divesting from its non-core business lines.

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