SCIC to offer Maritime Bank shares
The State Capital Investment Corporation (SCIC) plans to offer its holdings of 2.4 million shares in Maritime Bank for VND12,400 (US$0.54) per share, according to the Hanoi Stock Exchange (HSE).
With this offering, the SCIC is expected to raise at least VND29.7 billion (US$1.3 million). This will be held on March 28 at HSE.
With this offering, the SCIC is expected to raise at least VND29.7 billion (US$1.3 million).
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The offering price of US$0.54 per share is considered higher than the market price and unlikely to draw in investors.
Previously, Vietnam Posts and Telecommunications Group (VNPT), another shareholder of Maritime Bank, tried unsuccessfully to offload its share at an even lower price than that of SCIC.
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).
The sale, however, did not take place due to lack of interest.
Maritime Bank, with chartered capital of VND11.7 trillion (US$514.8 million), is one of the few commercial banks which have not released business results in 2017.
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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Read The Hanoi Times to stay up to date on developments in Vietnam.
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