Bank holding sold for cash to settle debts.
Vietnam National Shipping Lines (Vinalines) recently sold more than 20.1 million of its shares in Maritime Bank via auction, with a total transaction value of over VND315 billion ($15 million), or 2.5 per cent of the bank’s charter capital. The shares were traded to an individual and an organization, according to the Hanoi Stock Exchange, at an average purchase price of VND15,654 ($0.75).
In conducting the government’s master plan on economic restructuring, which focuses on restructuring State-owned enterprises, Vinalines has withdrawn its stake in order to have cash for debt repayments. Vinalines also received permission recently from the central bank to issue debt/equity swaps as a financing solution to manage their bank debts.
Maritime Bank will face another exit as the Vietnam Posts and Telecommunications Group (VNPT) seeks to withdraw from its 8.95 per cent stake as part of the master plan. The bank is also a subject to divestment by the State Capital Investment Corporation (SCIC), another shareholder.