Bank to sell its entire holding of 11% in securities company.
The Orient Commercial Joint Stock Bank (OCB) has registered to sell its entire holding in the Orient Securities Corporation (ORS), in which it is currently the major shareholder, with 2.64 million shares, or 11 per cent.
The transaction will be conducted from September 16 to September 30.
ORS shares are trading at around VND3,000 ($0.13) per share.
In the first six months this year ORS recorded a profit of VND3.5 billion ($155,610), significant higher than the VND158 million ($7,024) recorded in the same period last year.
At ORS’s 2015 annual general meeting its shareholders approved the pursuit of a merger and acquisition with a suitable partner.