Wednesday, August 21 2019

VietNamNews

MBBank seeks foreign investment in Q3

Update: July, 17/2019 - 15:20

 

Military Commercial Joint Stock Bank (MBBank) plans to sell 7.5 per cent of its capital to foreign investors this year.  Photo nhadautu.vn

HÀ NỘI — Military Commercial Joint Stock Bank (MBBank) is looking to sell 7.5 per cent of its capital to foreign investors this year.

The bank is planning to sell 123 million new shares and 38.9 million treasury shares, according to CEO Lưu Trung Thái.

Foreign investors do not have to be the strategic investor, Thái said, adding the bank may hold a roadshow to demonstrate the share sale plan.

The bank is working to increase capital and expand business activities in the next three years, including making investment in digital banking services, he told Reuters.

MBBank is listing 2.16 billion shares on the Hồ Chí Minh Stock Exchange with code MBB.

Its shares finished Wednesday at VNĐ22,100 (US$0.95) per share, up 1.6 per cent from the previous day.

In the first six months, MBBank recorded VNĐ4.82 trillion ($207.3 million) in pre-tax profit, up 26 per cent year on year.

At the annual shareholders’ meeting held on April 27, the bank’s capital hike plan was approved.

According to the plan, MBBank will issue 258.4 million shares in a private deal, equal to 10 per cent of its charter capital, in the third or fourth quarter of 2019. — VNS

 

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