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OCBC sells its shares at VPBank for local investors
VOV 11:54, 2013/11/29
Oversea-Chinese Banking Corporation Limited (OCBC Bank) has disposed Vietnam Prosperity Joint Stock Commercial Bank (VPBank) for US$55.5 million, according to the Singapore Business Review.

The paper reported that OCBC Bank has sold its entire 14.88% stake, comprising 85,830,457 ordinary shares of VND10,000 each, in the capital of VPBank to a group of individuals, namely Ms Ngo Thu Thuy, Mr Huynh Ba Lan and Ms Pham Vu Thi Nhu Hoang.

OCBC was approached with a proposal to purchase the sale shares, and after considering the proposed terms, it decided to divest its entire 14.88% stake.

The consideration for the sale shares was US$55.5 million payable in cash, and was decided following a willing buyer and willing seller basis after taking into account the latest net assets value of VPBank which was approximately VND6,637 billion (US$389 million) audited on 31 December 2012.

The sale is not expected to have a material impact on the net tangible assets or earnings per share of OCBC group for the current financial year.

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