MB Bank sells shares in a private deal

The Military Commercial Joint Stock Bank (MB Bank) is seeking a potential investor to sell an additional 211.35 million shares in a private deal.

MB Bank sells shares in a private deal

Flags fly outside MB Bank's head office in Ha Noi. The bank is seeking to sell more than 211 million shares in a private deal. — Photo cafef.vn

The share sale was approved by shareholders at the bank’s annual meeting held in late April 2019.

MB Bank is listing more than 2.37 billion shares on the Ho Chi Minh Stock Exchange (HoSE) with code MBB.

Of the total, more than 2.34 billion shares are outstanding. The bank shares dropped nearly 1 per cent to end Wednesday morning at VND20,600 (US$0.89) per share.

At this price level, the private share issuance is worth VND4.35 trillion ($187.5 million).

The share issuance filing has been submitted to the State Securities Commission (SSC) and MB Bank has to make a final report on the deal within 10 days from the issuance date.

MB Bank has also raised the foreign capital limit in its capital to 22.99 per cent from more than 20.90 per cent.

At the 2019 annual shareholder meeting, the bank’s shareholders approved a plan to issue a total of 258.4 million shares in private deals.

Of the total, 211.35 million new shares will be issued and the bank will offload 47 million treasury shares to potential investors.

 

The shares are restricted from trading in accordance with the deals between the bank and buyers.

In the period between December 30, 2019 and January 29, 2020, MB Bank sold 21.4 million of the 47 million treasury shares to eight foreign investment funds.

In early February 2020, the State Bank of Vietnam (SBV) approved MB Bank to increase its charter capital to more than VND24.4 trillion from VND23.73 trillion.

The private-equity lender earned a total of VND10.03 trillion in pre-tax profit in 2019, up 29.2 per cent year on year.

At the end of last year, the bank had a total of nearly VND411.5 trillion worth of assets, up 13.6 per cent on-year.

Total lending increased by 16.6 per cent on-year in 2019 to VND250.3 trillion and total savings rose 13.6 per cent on-year to VND272.7 trillion. — VNS

VN banks’ diversified income sources protect profits amid epidemic

VN banks’ diversified income sources protect profits amid epidemic

On February 7, the banking sector’s outstanding loans fell by 0.38 per cent for the year, while overdue debts and non-performing loans showed signs of rising.

VN banks still living on credit

VN banks still living on credit

Most banks made fat profits in 2019 and some of them had profit of over tens of trillion of dong. But their profits mostly came from lending.

 
 

Other News

.
Nine more expressway contractors suspected of construction violations
Nine more expressway contractors suspected of construction violations
BUSINESSicon  05/07/2020 

Nine more former contractors have been accused of irregularities in the construction of a 139-kilometer-long expressway whose severe deteriotion was reported shortly after its opening in central Vietnam.

Domestic property market faces uncertainty
Domestic property market faces uncertainty
BUSINESSicon  05/07/2020 

The domestic real estate market is hoped to have growth in the fourth quarter of this year and before the Lunar New Year 2021 if, by this year-end, the domestic economy is restored to levels from before the COVID-19 pandemic.

Hanoi moves towards approving construction of third Aeon Mall
Hanoi moves towards approving construction of third Aeon Mall
BUSINESSicon  05/07/2020 

The proposed construction of a parking lot and the Aeon Mall Hoang Mai Trade centre will soon be decided upon by the Hanoi People's Committee as Prime Minister Nguyen Xuan Phuc has approved the adjustment of the city's construction planning.

Pork and oil prices key to keeping inflation in VN under control: experts
Pork and oil prices key to keeping inflation in VN under control: experts
BUSINESSicon  05/07/2020 

With huge inflation pressure on the way in the remaining months of this year, a close watch must be kept on the prices of key products like oil and pork to hit the goal of keeping inflation below 4 per cent, experts have said.

US firms create record 4.8 million jobs in June
US firms create record 4.8 million jobs in June
BUSINESSicon  03/07/2020 

The reopening of businesses has spurred job growth but a rise in Covid-19 cases may hamper recovery.

Chubb Life Vietnam honored “Best Companies to Work for in Asia 2020”
Chubb Life Vietnam honored “Best Companies to Work for in Asia 2020”
BUSINESSicon  03/07/2020 

Chubb Life Vietnam has been recognized as one of the “Best Companies to Work for in Asia 2020” by HR Asia, the continent’s leading publication for Human Resources professionals.

VN government to sell stake in country’s biggest brewery
VN government to sell stake in country’s biggest brewery
BUSINESSicon  03/07/2020 

The Government will sell its 36% stake, equivalent to 230.8 million shares worth some VND37.6 trillion (US$1.6 billion), in the Saigon Beer-Alcohol-Beverage Corporation (Sabeco), the country’s biggest brewery, this year.

Fabric production an issue for Vietnam's textile industry
Fabric production an issue for Vietnam's textile industry
BUSINESSicon  03/07/2020 

Fabric production is a challenge for Vietnam's textile and garment industry when it comes to free trade agreements (FTAs) requirements on product origin.

Vietnam's FDI inflows to increase
Vietnam's FDI inflows to increase
BUSINESSicon  03/07/2020 

A new wave of foreign direct investment driven by global uncertainty such as the US-China trade war and the COVID-19 pandemic is imminent in Vietnam, 

Predatory debt collectors hustling on borrowed time
Predatory debt collectors hustling on borrowed time
BUSINESSicon  02/07/2020 

Debt-collecting businesses are to be banned in Vietnam as part of local government action to protect customers’ rights, with the upsurge of predatory lending services triggering heated debate and eroding public trust.

Vietnam draws up roadmap to eliminate monopoly in power sector
Vietnam draws up roadmap to eliminate monopoly in power sector
BUSINESSicon  06/07/2020 

A solution for the power industry has been put into discussion: selling entire power plants to investors after they are put into operation.

Proposal steers sports betting to starting line
Proposal steers sports betting to starting line
BUSINESSicon  03/07/2020 

A proposed national steering committee is expected to help Vietnam build clearer prize-winning entertainment rules and set up closer connections between government authorities and investors 

State Audit of VN notes high pay for foreign specialists in ODA projects
State Audit of VN notes high pay for foreign specialists in ODA projects
BUSINESSicon  05/07/2020 

A foreign specialist in an ODA (Official Development Assistance) project can receive VND500-700 million a month, while pay for a Vietnamese specialist is just tens of millions of VND.

EVFTA will broaden skies for aviation across Vietnam
EVFTA will broaden skies for aviation across Vietnam
BUSINESSicon  03/07/2020 

Never-before-seen activities in Vietnam’s aviation sphere are expected to come to EU businesses soon on the back of the landmark EU-Vietnam Free Trade Agreement.

RCEP benefits on horizon for ASEAN
RCEP benefits on horizon for ASEAN
FEATUREicon  02/07/2020 

With the Regional Comprehensive Economic Partnership scheduled to be signed this November, doors will soon open to attract more investment and swell Vietnam’s trade with international partners.

An abundance of advantages to diversify ops into Vietnam
An abundance of advantages to diversify ops into Vietnam
BUSINESSicon  02/07/2020 

Amidst the new wave of foreign investment and relocation after the pandemic, director general of the Foreign Investment Agency Do Nhat Hoang explained Vietnam’s outstanding advantages and how it can seize arising opportunities.

Vietnam closes in on tech app tax avoiders
Vietnam closes in on tech app tax avoiders
BUSINESSicon  02/07/2020 

Apple and Google are once again under fire over tax avoidance in Vietnam, with none of their revenues from their app markets being retained in the country. However, a new law could soon enable local authorities to take their cut.

Drugmakers fight to attain approval
Drugmakers fight to attain approval
BUSINESSicon  02/07/2020 

Switzerland’s drug maker Novartis Pharma Services AG has announced a GMP qualification for Lek Pharmaceuticals d.d. within the scope of certification for medicines in Vietnam,

PouYuen lays off thousands  due to Covid-19 difficulties
PouYuen lays off thousands due to Covid-19 difficulties
BUSINESSicon  02/07/2020 

More than 6,000 workers of the Taiwanese company, PouYuen, in HCM City have been laid off due to the company's business difficulties during the Covid-19 pandemic.

Fitch Solutions revises up Viet Nam’s 2020 GDP growth
Fitch Solutions revises up Viet Nam’s 2020 GDP growth
BUSINESSicon  02/07/2020 

Fitch Solutions have revised up its 2020 real GDP growth forecast for Viet Nam slightly to 3.0 per cent, from 2.8 per cent previously.

 
 
 
Leave your comment on an article

OR QUICK LOGIN