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Vietcombank leaves deadline for announcing strategic shareholders open
Vietcombank’s representative said that the bank was still negotiating with the foreign candidates and it would not set the deadline for announcing strategic shareholders and the share prices it would offer to strategic shareholders.
An official from Vietcombank said the government told the bank that there was no need to hurry to end negotiations soon, which allows the bank to be free from any pressure.
“Vietcombank will consider making IPO only after it announces its strategic investors,” the official said.
Vietcombank was scheduled to wrap up negotiations and announce strategic shareholders and the starting price for Vietcombank’s shares in October.
The number of candidates for the positions of strategic shareholders of Vietcombank has been reduced to three, namely Nomura, Goldman Sachs and General Electric. The bank will choose two strategic shareholders from the three.
Vietcombank’s representative said that the bank would choose the investors which can give support in technologies, help the bank develop retail banking and become an investment bank. The bank, the first equitising in Vietnam, will also pay special attention to the strategic investors which can help it expand its business into the world’s market. The investor also needs to have a business culture similar to Vietcombank and make long-term commitments.
The selling price Vietcombank will offer to the strategic shareholders will also depend on the technologies the candidates introduce. If the candidates provide good technologies, the selling prices will be ‘softer’.
Under the equitisation plan approved by the government at the end of September, Vietcombank will not follow the normal way by setting the exact time for IPO and then defining the selling prices of shares to strategic shareholders. The bank will choose strategic shareholders first, and then consider making IPO.
Vietcombank will issue more shares to attract more capital (the state will still hold the controlling stakes of 51% of the bank’s capital after the equitisation).
The investors’ circle is impatiently waiting for Vietcombank’s IPO, as the bank’s share price will define the prices of other share items on the market.
In related news, PetroVietnam has finished its IPO with the average price of nearly VND70,000/share.
VNE
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