ID :
38707
Sun, 01/04/2009 - 12:50
Auther :
Shortlink :
http://m.oananews.org//node/38707
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Vietcombank seeks to list shares in HCM City
Hanoi (VNA) - Vietcombank submitted an application on Dec. 31 to list shares on
the Ho Chi Minh Stock Exchange (HoSE).
The date for the listing has not yet been set, and listing of the shares has
already been held up since the bank's initial public offering a year ago by the
requirements of Government Decree 14/2007/ND-CP of January 2007, which provides
that an enterprise will be allowed to list shares only once at least 20 percent of
ownership has been sold to at least 100 different investors.
Vietcombank has been seeking one or more foreign strategic investors for over a
year willing to buy a stake in the bank but has failed to negotiate an agreeable
price-per-share. As a consequence, plans to list the bank's shares during 2008
were delayed.
Since the Hanoi-based commercial bank's IPO, its shares have traded on the
over-the-counter market, falling from their initial auction price of 107,806 VND
(6.1 USD) per share last year to only about 30,000 VND (1.7 USD) in recent OTC
trading.
Vietcombank chairman Nguyen Hoa Binh expected shares to be listed at an initial
price on the HoSE of about 25,000 VND per share.
The bank currently has charter capital of over 12 trillion VND (685.7 million USD)
and is asking to list about 112.3 million shares. The quantity of shares would
represent 9.28 percent of equity in the bank.
The requirements of Decree No. 14 are waivable by the Government, but, when asked
by Vietnam News whether Vietcombank had sought or received such a Government
approval prior to sending its listing application to the HoSE, Vietcombank deputy
director Nguyen Thu Ha replied somewhat cryptically, "We migh probably receive
Government approval."
She wouldn't comment further.
Meanwhile, Le Hai Tra, spokesman for the stock exchange, admitted, "The issues
surrounding the listing of Vietcombank are actually rather complicated. It is a big
bank, a major institution with major capital sources. Its case may be an
exception."
He said a final decision was still pending and that Vietcombank still needed to
complete various administrative procedures.
"The equitisation process of Vietcombank has been a long story. The plan to list
is another sensitive chapter that the bank does not want to talk much about," said
Binh.
According to the listing application, the bank's in-house brokerage, Vietcombank
Securities Co, would serve as listing consultant.
By the end of October 2008, Vietcombank had fetched pre-tax profit of 3 trillion
VND (171.4 million USD) and had total assets of 200 trillion VND (11.4 billion
USD).-Enditem
the Ho Chi Minh Stock Exchange (HoSE).
The date for the listing has not yet been set, and listing of the shares has
already been held up since the bank's initial public offering a year ago by the
requirements of Government Decree 14/2007/ND-CP of January 2007, which provides
that an enterprise will be allowed to list shares only once at least 20 percent of
ownership has been sold to at least 100 different investors.
Vietcombank has been seeking one or more foreign strategic investors for over a
year willing to buy a stake in the bank but has failed to negotiate an agreeable
price-per-share. As a consequence, plans to list the bank's shares during 2008
were delayed.
Since the Hanoi-based commercial bank's IPO, its shares have traded on the
over-the-counter market, falling from their initial auction price of 107,806 VND
(6.1 USD) per share last year to only about 30,000 VND (1.7 USD) in recent OTC
trading.
Vietcombank chairman Nguyen Hoa Binh expected shares to be listed at an initial
price on the HoSE of about 25,000 VND per share.
The bank currently has charter capital of over 12 trillion VND (685.7 million USD)
and is asking to list about 112.3 million shares. The quantity of shares would
represent 9.28 percent of equity in the bank.
The requirements of Decree No. 14 are waivable by the Government, but, when asked
by Vietnam News whether Vietcombank had sought or received such a Government
approval prior to sending its listing application to the HoSE, Vietcombank deputy
director Nguyen Thu Ha replied somewhat cryptically, "We migh probably receive
Government approval."
She wouldn't comment further.
Meanwhile, Le Hai Tra, spokesman for the stock exchange, admitted, "The issues
surrounding the listing of Vietcombank are actually rather complicated. It is a big
bank, a major institution with major capital sources. Its case may be an
exception."
He said a final decision was still pending and that Vietcombank still needed to
complete various administrative procedures.
"The equitisation process of Vietcombank has been a long story. The plan to list
is another sensitive chapter that the bank does not want to talk much about," said
Binh.
According to the listing application, the bank's in-house brokerage, Vietcombank
Securities Co, would serve as listing consultant.
By the end of October 2008, Vietcombank had fetched pre-tax profit of 3 trillion
VND (171.4 million USD) and had total assets of 200 trillion VND (11.4 billion
USD).-Enditem
