Vietcombank to sell nearly 19 million shares of OCB at US$0.57 each

By Bao Binh - Dec 10, 2017 | 07:00 AM GMT+7

TheLEADERWith the initial offer price of VND13,000 (US$0.57) each, Vietcombank may earn VND246 billion (US$10.8 million) from the sale of around 19 million shares of Orient Commercial Joint Stock Bank (OCB).

Vietcombank to sell nearly 19 million shares of OCB at US$0.57 each
Vietcombank is one of the largest banks in Vietnam.

The auction will be held at 10 a.m. on December 29 on the Hanoi Stock Exchange (HNX).

Local and foreign investors, economic organizations, social organizations and individuals can participate in the auction as regulated.

According to the prospectus just released, as of September 30, 2017, OCB's total assets reached VND70,805 billion (US$3.12 billion) and profit after tax reached over VND633 billion (US$28 million).

On November 20, Vietcombank obtained more than VND342 billion (US$15.08 million) from selling shares of Saigon Bank for Industry and Trade (Saigonbank) and Cement Finance Joint Stock Company (CFC) on the HNX.

According to the latest statistics, Vietcombank holds more than 126 million shares of MB, equivalent to a 7 per cent stake and 101 million shares of Eximbank, equaling an 8 per cent stake.

Vietcombank plans to sell shares of MB and Eximbank in January 2018 with the amount expected at VND1 trillion (US$ 44. million).