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Banking & Finance

VNPT to exit Maritime Bank

Released at: 17:14, 29/09/2015

VNPT to exit Maritime Bank

Sale of entire holding part of offloading all stakes in non-core business fields.

by Hung Nguyen

Vietnam Posts and Telecommunications Group (VNPT) has submitted a proposal to the State Securities Commission (SSC) on selling all of its holding in Maritime Bank, totaling 71.57 million shares.

The expected offering price is VND11,700 per share, bringing the value of the sale to at least VND837 billion ($37.22 million) if all shares are sold. During September the price of Maritime Bank shares in the over the counter (OTC) market was only VND3,000 - VND3,500 ($0.13 - $0.16).

VNPT has withdrawn VND701 billion ($31.187 million) in investments outside of its core business of telecommunications, according to CEO Pham Duc Long, which meets the group’s target for the end of August.

It is also divesting capital in 63 enterprises in five sectors: real estate, insurance, the stock market, finance, and banking, and is focusing on selling subsidiaries facing difficulties as quickly as possible.

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