Enterprises rush to buy Vietinbank’s shares

A line-up of big companies in such sectors of electricity, telecommunication and 20 other institutions are queuing to register to buy 44.22 million shares of Vietnam Industrial and Commercial Joint Stock Bank (Vietinbank).

An official from Vietinbank reported that his bank is waiting for the government’s approval on selling its 3.3% stake or 44.22 million shares to domestic shareholders in their equitisation plan.

“There is a list of many large sized corporates and 20 smaller sized ones wanting to take our shares”, the official said.

“If obtaining the government’s approval, Vietinbank could enter negotiations to sell these shares at the real average winning price of 20,265 dong per share to domestic investors and organise the shareholders’ meeting within April,” he said.

The official added further that because the share volume that domestic investors have registered to buy equals the total share offering of Vietinbank, the offer price could not be higher or lower than 20,265 dong/share.

As planned, apart from the scheduled IPO auctioning off 4%, Vietinbank will also sell 3.3% or 44.22 million shares to strategic investors, 1.7% or 22.78 million shares to the bank’s employees, 1% or 13.4 million shares to the labour union and 10% or 134 million shares to foreign strategic investors.

The state will continue keeping 80% of the share volume of Vietinbank after the share offering to these subjects is finished.

Due to the global financial crisis, investors from UK and US, who previously negotiated with Vietinbank in the seeking of foreign strategic partners, all announced to suspend the investment plans and the negotiations will be re-connected by Q2 of 2009.

But, Vietinbank still is determined to find out a good foreign strategic partner, the official remarked.

 

Category: Finance