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90% of registered investors pay for their Vietcombank shares
Unexpectedly, 90% of investors have made payment for Vietcombank shares they registered to buy at December’s IPO.
No official announcement has been released by the HCM City Stock Exchange (HOSE) about the percentage of investors who made payment. However, Nguyen Phuoc Thanh, Vietcombank’s General Director, has revealed that some 90% of registered investors completed payment before the final deadline.
The news has stunted the rumor that many investors would shirk their registration, willing to lose their deposits rather than buy the weak item.
“With such a high percentage of new shareholders, we feel that Vietcombank’s IPO has been successful,” said Mr Thanh, adding that even investors who bought Vietcombank shares at high prices, VND120,000/share and higher, have paid as well.
January 22 was the deadline for investors to make payment for the shares they registered to buy.
Mr. Thanh said Vietcombank’s equitization process will move ahead as scheduled. In March 2008, Vietcombank will hold a shareholders’ meeting to establish Vietcombank Joint Stock Bank.
Several days ago, the Government released a dispatch, saying that Vietcombank will hold a shareholders’ meeting in the first quarter of 2008 and list on the HCM City bourse in June. The dispatch said that in case Vietcombank cannot choose foreign strategic partners by early 2008, the shareholders’ meeting will still be held as planned.
However, a question has been raised about whether Vietcombank can meet the requirements for listing on the bourse before June 2008. Under current regulations, Vietcombank must have at least 20% of its stakes held by non-member shareholders to be eligible to list.
Mr. Thanh said that 5-6 potential domestic strategic partners are awaiting Vietcombank’s final sale price announcement. Vietcombank is negotiating with three foreign candidates who may become the bank’s strategic shareholders.
Regarding the sale price, Mr Thanh confirmed that Vietcombank will not sell stakes at prices lower than the average IPO price of VND107,860/share.
“We expect to wrap up negotiations this month,” Mr. Thanh said.
When asked what Vietcombank will do if it does not meet the 20% requirement, Mr. Thanh said: “We are not trying to list on the bourse at any cost. Vietcombank is now a public company with several thousand shareholders.”
However, Mr. Thanh said Vietcombank is trying its best to list on the bourse in June as scheduled, and that the Government will help the bank implement its plan.
In 2008, Vietcombank plans to sell more State-owned stakes to domestic and foreign investors to reduce State ownership to 70%.
Vietcombank’s post-tax profit was VND2tril ($128.5mil) in 2007, down by 16.8% over 2006. The bank plans to get post tax profit up by 40% in 2008.
VNN
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