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Banking & Finance

EVN to divest from ABBank

Released at: 14:09, 22/09/2015

EVN to divest from ABBank

Exit part of government-directed restructuring to move away from non-core investments.

by Son Ho

Electricity of Vietnam (EVN) has announced an intention to sell its own and EVN Hanoi’s shareholdings in An Binh Bank (ABBank). A total of 81,587,990 shares will be sold, of which EVN will sell 76,856,018 (16.02 per cent of ABBank) and EVN Hanoi 4,731,392.

The starting price will be VND10,000 ($0.45) per share. An Binh Securities (ABS) will be the consultant and will conduct the auction.

The registration and deposit deadline is October 12, with the auction to be held on the morning of October 14 at the office of ABS.

Payments are to be made from October 15 to 4pm on October 21. Where necessary, deposits will be repaid from October 15 to October 21.

ABBank’s current charter capital stands at VND4.8 trillion ($213.6 million). EVN is currently the bank’s largest domestic shareholder with its 16.02 per cent, while Malaysia’s Maybank is its largest shareholder, with 20 per cent. EVN previously held more than 102 million shares, or 21.2 per cent, but sold 25.2 million shares to Geleximco in December 2013.

This is the final year of EVN’s restructuring process for the 2012-2015 period. It is completing divestments in the field of banking, finance and insurance, under a government direction to depart from non-core businesses.

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