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IFC allowed to transfer 16mil ACB shares
The International Finance Corporation (IFC) will sell 16,204,879 ACB shares of the Asia Commercial Bank (ACB) to Standard Chartered Bank Hong Kong Ltd on July 24 at the high price of VND140,000/share.
The sale will be conducted under the mode of negotiations between the involved parties.
The noteworthy thing of the deal is that the shares will be sold at the high price of VND140,000/share, while the ACB July 22 closing price was VND68,100/share only. With such a price, the share transfer deal will be carried out outside the transaction system of the Hanoi Securities Trading Centre (HASTC).
Sin Foong Wong, Director of IFC Vietnam, said that the share price was agreed upon by IFC and Standard Chartered Bank before (May 2008), and the deal has been made with the support of HASTC and the State Securities Commission.
Wong said that the fact that Standard Chartered Bank is increasing its ownership ratio in ACB and making commitments to support ACB should be seen as good news not only for ACB, but for the whole banking system as well.
In addition to purchasing 6.16% of ACB from IFC, Standard Chartered Bank will also purchase 7.1% of ACB’s convertible bonds. As such, Standard Chartered Bank will hold 15% of ACB stakes and 15.86% of convertible bonds.
Wong said that IFC’s role in helping ACB to become the leading joint-stock bank in Vietnam has been successfully completed. The organisation is planning to prioritise investments in the private economic sector and the finance field in the time to come.
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