|
Standard Chartered exceeds cap in ACB, to cut holding
Standard Chartered Plc plans to sell around a 0.02 percent stake in Asia Commercial Bank (ACB), Vietnam’s biggest listed company by market value, after its holdings exceeded the limit allowed by the central bank.
Standard Chartered will begin selling 133,627 shares of the almost 95.5 million shares it holds in the bank, according to a statement posted by the Hanoi Securities Trading Center on its website. The sale is expected to finish by June 6, the exchange said.
Standard Chartered currently holds a 15.02 percent stake in the Ho Chi Minh City-based lender. Each overseas investor’s holding in local banks is capped at 15 percent, according to the central bank’s rules.
Ashok Sud, Standard Chartered’s Hanoi-based chief executive officer for Vietnam, Laos and Cambodia, was not available for comment. Nguyen Duc Kien, Vice Chairman of ACB’s management board, declined to comment Tuesday.
ACB rallied for a fourth day, advancing 6.9 percent, the most since April 14, to close at VND41,900 on the Hanoi Securities Trading Center Tuesday.
thanhnien, bloomberg
|
