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Prime Minister approves MHB equitisation plan
Prime Minister Nguyen Tan Dung has approved State-owned Housing Bank of Cuu Long (Mekong) Delta (MHB)'s equitisation plan.
The bank will become a commercial joint stock company under the plan and will be permitted to issue shares to increase its charter capital.
The State will retain a VND3 trillion (US$144 million) stake after the equitisation, accounting for 68.1 per cent of MHB's charter capital of VND4.51 trillion ($216.7 million).
The bank plans to issue shares worth 31.9 per cent of its charter capital – 14.34 per cent will be auctioned publicly, 2 per cent will be offered to the labour union, 0.56 per cent to the bank's employees and 15 per cent to strategic investors.
Strategic investors will not be permitted to sell their shares for five years.
The central bank will be responsible for deciding MHB's share price at auction and advise the bank on selecting its strategic shareholders.
MHB was established as a State-owned bank in 1997. Since then, its asset value has reached nearly VND51.4 trillion ($2.5 billion), 171 times its initial worth.
The bank's equitisation follows the Vietcombank (VCB) and Vietinbank (CTG) – which are now listed on the HCM City Stock Exchange.
State-owned Bank for Investment and Development of Viet Nam (BIDV) is also planning to equitise, while Viet Nam Bank for Agricultural and Rural Development (Agribank) has become a one-member limited liability company, with the State being the sole stake holder.
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