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Govt agrees on delaying BIDV equitisation
Once again, the Bank for Investment and Development of Vietnam (BIDV) has ‘missed an appointment’ with investors. Its equitisation will be delayed again.
The Government’s Office has released a document, announcing Deputy Prime Minister Nguyen Sinh Hung’s decision about the equitisation of BIDV. Hung agrees to the delay of the bank’s equitisation and sets December 31, 2009 as the time for appraising its enterprise value.
As such, the equitisation of BIDV has, once again, been delayed, and will not be carried out in 2009 as previously planned.
Prior to that, on December 29, 2008, Deputy Prime Minister Nguyen Sinh Hung in a document set December 31, 2008 as the time for appraising the enterprise value of the bank. In the document, the Deputy Prime asked BIDV’s board of directors to carry out the equitisation of the bank in 2009.
Dating back further, BIDV on July 11, 2007 signed a contract with Morgan Stanley on the latter providing consultancy for BIDV’s equitisation. At that time, the bank drew up a plan to appraise its value and submit it to the Government for approval in September 2007. The bank also planned to prepare for the initial public offering (IPO) in the fourth quarter of 2007 and for listing on the bourse in the first quarter of 2008.
Together with Vietcombank’s and Vietinbank’s equitisations, BIDV’s equitisation is a highly anticipated event in the stock market. While Vietcombank and Vietinbank have completed their ownership restructuring and listed shares on the bourse, BIDV has not made considerable progress on its equitisation plans.
BIDV is one of five state-owned banks; it was established in 1957.
vietnamnet, vneconomy
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