SIC to buy 1 million shares of Military Bank (MBB)
SIC to buy 1 million shares of Military Bank (MBB)
SCIC Investment One Member Company Limited (SIC) has registered to buy 1 million shares of Military Commercial Joint Stock Bank (MBB) for financial investment. 
SIC is a subsidiary of the State Capital Investment Corporation (SCIC) and currently owns 13 shares of MBB, a large local lender with a market capitalisation of more than US$1.6 million.
The transaction time will last from April 16 to May 15.
MBB shares are now priced at VND15,750 ($0.7) per share, down 25 per cent from the beginning of the year. At this price, SIC will spend about VND16 billion for the purchase.
SIC sold nearly 1.8 million MBB shares between December 18 last year and January 10 this year, at a time when the MBB price was about VND22,000 per share. After the sale, SIC had only 13 shares left in MBB.
SSI Research forecasts that MBB can still grow well amid the impact of COVID-19 pandemic. If the pandemic is controlled at the end of the second quarter, SSI said MBB’s pre-tax profit for 2020 could increase by 9.3 per cent to VND10.96 trillion.
This increase would still be lower than last year’s growth of 29 per cent.
SIC was established on January 18, 2013, wholly owned by the State Capital Investment Corporation (SCIC). This member company has a charter capital of VND1 trillion with two main functions of financial investment and project investment.
In addition to MBB, SIC previously also registered to buy 1 million shares of FPT Corporation for long-term financial investment, not having owned any FPT shares before this purchase.
