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Home / Investment / News
Lack of interest for Maritime Bank's shares
Ngoc Thuy 23:07, 2018/03/23
Hanoi Stock Exchange (HNX) released a statement on March 23 to cancel the State capital Investment Corporation (SCIC)`s auction of Maritime Bank`s shares.
SCIC previously planned to offer its holding of 2.4 million shares in Maritime Bank for VND12,400 (US$0.54) apiece on March 28, in which interested investors are required to buy the whole lot.
 
Lack of interest for Maritime Bank's shares.
Lack of interest shown for Maritime Bank's shares.
By the time of the deadline for registration on March 21, there was no investor showing interest in the auction, resulting in the call off of the auction. 

This is the third consecutive time that SCIC failed to sell its shares at Maritime Bank. The last two times was on October 26, 2016 with initial price of VND11,700 (US$0.51) per share and on December 26, 2016 with a lower price of VND10,600 (US$0.47) with similar reason as this time. 

Vietnam Posts and Telecommunications Group (VNPT) suffered the same fate with its holding shares in Maritime Bank. 

Substantially, HNX also cancelled VNPT's auction of Maritime Bank's shares due to the lack of investors participating in the sale event. 

Specifically, last March, VNPT announced the sale of 71.5 million shares or 6.09% chartered capital at Maritime Bank for the starting price of VND11,900 (US$0.52), equivalent to an estimated return of VND851 billion (US$37.3 million).

This was also the third time that VNPT tried unsuccessfully to offload Maritime Bank's shares. 

Maritime Bank's pre-tax profit in 2017 reached VND164 billion (US$7.2 million), according to the bank's financial statement in 2017. By the end of 2017, total assets of the lender have increased 21% compared to the year beginning, from VND92 trillion (US$4 billion) to VND112 trillion (US$4.9 billion).

In 2017, SCIC  successfully divested State stakes in 38 SOEs, including the sales of the entire State holding in 36 firms and partial divestments at 2 firms for a return of VND932 billion (US$409 million), 2.2 times the initial investment of VND424 billion (US$18.6 million), following the company's year-end report.

This year, SCIC will step up efforts to speed up the process of taking over State ownership in SOEs and encourage relevant ministries and provinces/cities to transfer the ownership of State capital in SOEs back to SCIC per the Prime Minister's request. 

Since its establishment in 2006, SCIC has completed selling State stakes at 986 SOEs and transferring purchase rights at 19 SOEs for a return of VND28 trillion (US$1.2 billion), 3.5 times the initial investment of VND8 trillion (US$351 million).
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