|People are passing the headquarters of Agribank in Hà Nội. Agribank plans to divest capital from the Vinaconex Transportation Joint Stock Company. — Photo phapluatplus.vn|Viet Nam News
HÀ NỘI — The Commercial Joint Stock Bank for Agriculture and Rural Development of Việt Nam, Agribank, will divest its entire capital at the Vinaconex Transportation Joint Stock Company, Vinaconex Trans., JSC.
Agribank will auction 1 million shares of Vinaconex Trans worth VNĐ10 billion (US$439,000) at the Hà Nội Stock Exchange on July 25.
The shares are equivalent to 9.08 per cent of shares circulating in Vinaconex Trans and will be sold at VNĐ2,940 per share — 3.4 times lower than the par value of VNĐ10,000 per share.
As announced on Agribank’s website, the information on investors participating in the auction and the amount of shares they register to buy will be disclosed on Thursday this week.
Vinaconex Trans., JSC is a subsidiary of Việt Nam Construction and Import-Export Corporation, Vinaconex. It was established in 2008 with the function of providing freight and material transportation services to member units of Vinaconex.
According to the 2013 financial report of Vinaconex Trans, by the end of 2013, total assets of the company were some VNĐ186.6 billion, down 16.2 per cent compared to 2012. The company reported an after-tax loss of over VNĐ51 billion in 2013.
It has stopped all business activities since November 2014 due to unsatisfactory business results. — VNS