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Sabeco to sell Eximbank stake

Released at: 14:31, 02/11/2015

Sabeco to sell Eximbank stake

Corporation looking to fully exit holding in bank.

by Son Ho

Sabeco is in the process of selling all of its 5,728,051 shares in Eximbank (EIB) at an agreed price to investors.

According to a report from Sabeco it paid around VND11,137 ($0.5) per share. By June 30 it held 0.46 per cent of the bank’s charter capital. The book value of the investment was approximately VND63.8 billion ($2.86 million), or still $0.5 per share.

In the last three months the share price has traded in the range of VND11,400 ($.51) to VND12,000 ($0.54) per share, standing at VND11,800 ($0.53) per share by the end of October.

Eximbank currently has two large shareholders: the Sumitomo Mitsui Banking Corporation and Vietcombank, which hold 15 per cent and 8.19 per cent, respectively.

Inspection authorities announced on October 22 that there were many problems in the shareholding and share investment in Eximbank. Some loans relating to investment in banking stocks did not follow regulations, and these were requested to be handled within one month from the inspection results being announced.

According to local media, in the near future Eximbank will make certain changes in its leadership positions. The State Bank of Vietnam will assign representatives to manage and participate in its restructuring of Eximbank, who will come from Vietcombank.

In January this year the Saigon Jewelry Company Limited (SJC) announced the sale of all its 25.62 million shares in Eximbank, equal to 2 per cent of its charter capital.

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