Masan transfers 4.5pct capital in Techcombank

06-Jan-2016 Intellasia | Tri Thuc Tre | 6:00 AM Print This Post

On December 30, 2015, Masan Group JSC (MSN) completed the transfer of 39,985,283 shares (equivalent to 4.5 percent of the charter capital of Vietnam Technological and Commercial Joint Stock Bank – Techcombank) to other investors.

After the transfer, the ownership rate of Masan Group in Techcombank decreased to 15 percent of the bank’s charter capital.

The purpose of the transfer is to ensure that the ownership rate of a major shareholder does not exceed the maximum ownership limit of 15 percent in accordance with the provisions of the Law on Credit Institutions 2010.

Sharing with us about this transfer, Do Tuan Anh, deputy Chair of Techcombank’s Board of directors said, this transaction is carried out by shareholders to ensure the compliance with regulations on share ownership limit in a credit organisation for major shareholders and absolutely has no impact on the structure of the bank’s management board as well as its activities.

Under the provision of the Law on Credit Institutions 2010, the maximum direct ownership rate of a domestic organisation in a credit institution is 15 percent of its charter capital, down from the previous regulation at maximum 20 percent.

Earlier, in November and December 2015, domestic shareholders and stakeholders divested capital from the bank to ensure the prescribed rate.

 


Category: Finance, Vietnam

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