State-run Vietnam bank delays stock listing
26-JUL-2008 Intellasia | Thomson Financial
Jul 26, 2008 - 7:00:00 AM
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The first government bank slated to list on Vietnam's stock exchange, Vietcombank, will delay its listing due to a slump on the bourse and a bid to team up with a partner, its president said on Wednesday.
Vietcombank began its initial public offering in December, with the intent of allowing the private sector to take up to 30% control.
The bank put 6.5% of its capital on the market and hoped to follow with its first listing in the first semester.
But the listing 'had to be delayed to the third trimester,' Nguyen Hoa Binh, the bank's president, told Agence France-Presse.
He said the troubles facing the stock exchange contributed 'in part' to the bank's decision. The bourse's VN Index has lost more than half of its value in just over a year.
But he said finding a partner was also a concern.
'It's better to find a strategic investor and then make the first listing,' he said.
The VN Index was above 1,100 points in March 2007 but has not stopped falling since October. It closed Wednesday up 2.07% at 383.78.
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