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Dragon Capital divests from Sacombank
Dragon Financial Holdings Limited, an arm of Dragon Capital investment fund, has announced to sell all the shares of the Ho Chi Minh City-based Sacombank it is holding.
The company, a foreign strategic shareholder in Sacombank – coded STB on Ho Chi Minh Stock Exchange (HoSE), said 61 million STB shares, representing more than 6.66 percent of the bank’s stakes, will be transferred under negotiated transaction method to its partners on August 4-10.
Jui Chang Hen, husband of Huynh Que Ha – first deputy chairman of the board of Sacombank – has subscribed to buy more than 30.672 million STB shares under negotiated transaction during this period, said Sacombank.
A source told Tuoi Tre that in addition to the STB stock agreed to be transferred to Jui Chang Hen, the remaining STB shares that Dragon Capital holds have been dealt to be transferred to the other two foreign partners.
The divestment in Sacombank is just a usual move to restructure the fund’s portfolio to ensure effectiveness, Pham Nguyen Vinh, business development director of Dragon Capital, told Tuoi Tre .
Moreover, the Dragon Capital’s investment in Sacombank has been maintained continuously for over 10 years, far exceeding the average holding period of 5-7 years, Vinh said.
The proceeds means the fund will further its investment in the Vietnamese market, Vinh added.
By the end of last month, Dragon Capital said it had sold its entire stake in Sacombank (STB) to two other foreign companies, ending the decade-long investment in the bank.
The negotiated price of the shares was said to be higher than their current market value on the HoSE then.
However, Dragon Capital was known to have planned to sell its entire stake in the bank since late last year, but it took time to negotiate a price, the investment group's CEO Dominic Scriven told the Sai Gon Tiep Thi newspaper.
Dragon Capital has also sold holdings in Southern Bank and VPBank within the past two years.
But the latest deal took place at the time when STB has faced rumors that it was a takeover target.
The net asset value (NAV) of Dragon Capital-run funds increased by over $ 30 million in June thanks mainly to the 8.5 percent gain in VN-Index of HoSE.
Currently, Dragon Capital is running five funds namely VEIL, VGF, VDeF (VDeF-A, VDeF-B), VPF and VRI.
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