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Vietnam's Mekong Housing Bank to sell 31.9 pct stake in IPO: cbank
Mekong Housing Bank (MHB), one of Vietnam's five remaining wholly state-owned lenders, will sell 31.9 percent of its registered capital in an initial public offering (IPO), the country's central bank said on Wednesday.
The government had already approved the Ho Chi Minh City-based lender's "equitization" plan, under which the state would retain a 68.1 percent stake, the State Bank of Vietnam said in a statement.
The Vietnamese government uses the term "equitization" to refer to the partial privatization of state-owned companies and banks.
The statement did not give a timeframe for the IPO.
MHB has VND4.51 trillion ($219.17 million) in registered capital, the statement said.
Vietcombank and VietinBank were Vietnam's first two state-run lenders to sell shares and list on the Ho Chi Minh Stock Exchange.
VietinBank has sold a 10 percent stake to the International Finance Corporation.
Of the 31.9 percent stake being offered, MHB will sell 14.34 percent in a domestic auction, 0.56 percent to its employees, and reserve 2 percent for the trade union, the statement said.
The lender will offer the remaining 15 percent stake to a strategic partner, the central bank said.
Another Vietnamese state-run lender, the Bank for Investment and Development of Vietnam, or BIDV, has said it plans to step up its privatization process, but the plan has been on hold for several years. ($1=VND20,600)
tuoitrenews, Reuters
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