Illustrative image (Photo: british-utilities.co.uk)Hanoi (VNA) - Many State-owned enterprises (SOEs) are seeking todivest from commercial banks this year, as forecasts for the local stock remainpositive.
Both The Vietnam Posts andTelecommunications Group (VNPT) and Vietnam Bank for Agriculture and RuralDevelopment (Agribank) plans to auction their holdings in Maritime Bank andOcean Bank (OCB) in March.
VNPT has registered to offload itsentire holding of 71.6 million shares in Maritime Bank at the starting price of11,900 VND (0.52 USD) per share, equivalent to 6.09 percent of the bank’scapital, in an auction scheduled for March 10.
The move is in line with thedirection of Deputy Prime Minister Vuong Dinh Hue to urge the telecommunicationgroup to divest from its listed member companies.
On a smaller sale, Agribank willsell 390,665 shares in Ocean Bank during an auction in mid-March. The startingprice is set at 10,200 VND per share.
Mobifone, one of the three largestmobile network operators in Vietnam, also plans to divest from Southeast AsiaCommercial Bank (SeABank) and Tien Phong Bank (TPBank) this year, after thefailure in 2016.
In April last year, Mobifone put upits entire holding of 33.4 million shares of SeABank, equivalent to 6.12 percentof the bank’s capital, for sale at the initial price of 9,600 VND per share,but no investors registered to buy.
The same month, it also registeredto sell 14.28 million shares, or 2.57 percent of TPBank’s capital, andsuccessfully sold 61 percent of this amount. Before the sale, the mobilenetwork company held 4.76 percent of TPBank’s capital.
According to VP Bank SecuritiesCompany (VPS), banks could be among top best performers on the securitiesmarket this year, driven by the intense restructuring process in the financialsystem, as well as the Government’s support policy of easing foreign ownershiplimits in commercial banks.
In addition, many small banks haveplans of debuting shares on the stock market this year, and this wouldfacilitate divestment from these banks.
“The VN-Index could climb to 780points this year, on the average price-earnings (P/E) ratio of 17,” VPS wrotein a report.
The benchmark VN-Index gained 14.8 percentin 2016, ending the year at 664.87 points. It has gained 7.2 percent this year.
In the third quarter of last yearwhen the stock market had perked up, dairy firm Vinamilk (VNM) successfullysold over 2 million shares in An Binh Bank (ABBank).
In December2016, Tan ThuanIndustrial Promotion Co Ltd (IPC) and Saigontourist also successfully offloadedtheir entire holdings in SaigonBank.-VNA
Both The Vietnam Posts andTelecommunications Group (VNPT) and Vietnam Bank for Agriculture and RuralDevelopment (Agribank) plans to auction their holdings in Maritime Bank andOcean Bank (OCB) in March.
VNPT has registered to offload itsentire holding of 71.6 million shares in Maritime Bank at the starting price of11,900 VND (0.52 USD) per share, equivalent to 6.09 percent of the bank’scapital, in an auction scheduled for March 10.
The move is in line with thedirection of Deputy Prime Minister Vuong Dinh Hue to urge the telecommunicationgroup to divest from its listed member companies.
On a smaller sale, Agribank willsell 390,665 shares in Ocean Bank during an auction in mid-March. The startingprice is set at 10,200 VND per share.
Mobifone, one of the three largestmobile network operators in Vietnam, also plans to divest from Southeast AsiaCommercial Bank (SeABank) and Tien Phong Bank (TPBank) this year, after thefailure in 2016.
In April last year, Mobifone put upits entire holding of 33.4 million shares of SeABank, equivalent to 6.12 percentof the bank’s capital, for sale at the initial price of 9,600 VND per share,but no investors registered to buy.
The same month, it also registeredto sell 14.28 million shares, or 2.57 percent of TPBank’s capital, andsuccessfully sold 61 percent of this amount. Before the sale, the mobilenetwork company held 4.76 percent of TPBank’s capital.
According to VP Bank SecuritiesCompany (VPS), banks could be among top best performers on the securitiesmarket this year, driven by the intense restructuring process in the financialsystem, as well as the Government’s support policy of easing foreign ownershiplimits in commercial banks.
In addition, many small banks haveplans of debuting shares on the stock market this year, and this wouldfacilitate divestment from these banks.
“The VN-Index could climb to 780points this year, on the average price-earnings (P/E) ratio of 17,” VPS wrotein a report.
The benchmark VN-Index gained 14.8 percentin 2016, ending the year at 664.87 points. It has gained 7.2 percent this year.
In the third quarter of last yearwhen the stock market had perked up, dairy firm Vinamilk (VNM) successfullysold over 2 million shares in An Binh Bank (ABBank).
In December2016, Tan ThuanIndustrial Promotion Co Ltd (IPC) and Saigontourist also successfully offloadedtheir entire holdings in SaigonBank.-VNA
VNA
