Vietcombank to sell 10 percent shares to foreign investors

SGGP
State Securities Commission of Vietnam said that it has received documents from Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) to sell 10 percent shares of the bank to foreign investors.

A Vietcombank branch in HCMC

A Vietcombank branch in HCMC

The bank is expected to sell 10 percent shares worth VND360 million to foreign investors. Of the total, 53.9 million shares will be sold to Japanese Mizuho Bank to ensure ownership ratio of 15 percent. About 305.8 million shares will be sold to other foreign investors.

Selling price will not be lower than the level valued by valuation organizations and according to market price. Vietcombank share price was VND57,700 a share at the trading session on October 19.

In case of selling at that price, the bank will earn VND20,800 billion (US$900 million). The share offer for sale aims to increase Vietcombank's chartered capital by nearly VND3.6 trillion.

By NHUNG NGUYEN – Translated by Hai Mien

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