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Agribank to sell OCB shares late this month

Update: November, 12/2018 - 18:20
OCB shares are traded on the over-the-counter (OTC) market at VNĐ15,000-17,000 apiece. — Photo OCB
Viet Nam News

HÀ NỘIAgribank will sell more than 468,000 Orient Commercial Bank (OCB) shares at auction on November 29.

At a starting price of VNĐ18,130 (77 US cents) per share, the bank is estimated to earn some VNĐ8.5 billion if the auction succeeds.

OCB shares are traded on the over-the-counter (OTC) market at a price of VNĐ15,000-17,000 apiece, lower than Agribank’s offered price.

As for Agribank, it is stepping up the divestment from its non-core business sector. The bank’s chairman Trịnh Ngọc Khánh announced that his bank will complete the corporate valuation process by the end of the year before launching an initial public offering (IPO) in 2020.

Agribank hasn’t so far released its nine-month business results, but its pre-tax profit was positive in the first half, rising 37 per cent to VNĐ3.8 trillion. 

By the end of June, Agribank’s total assets were 3.9 per cent higher than at the beginning of the year, reaching VNĐ1,197 trillion. The bank’s total outstanding loans increased by 5.6 per cent to VNĐ925.21 trillion while mobilised capital climbed 2.5 per cent to VNĐ1,053 trillion. 

According to OCB general director Nguyễn Đình Tùng, OCB will meet its profit target of VNĐ2 trillion this year as the bank posted profit of VNĐ1.84 trillion in the first three quarters of the year, up 133 per cent against the same period last year. — VNS

 

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