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Two organisations to sell stakes in Military Bank
Two organisations have registered to unload all of their stakes in Military Bank (MB) within a month beginning June 3, according to the HCM City Stock Exchange.
While Fund manager MB Capital, an affiliate of the bank, will sell 200,000 shares, equivalent to 0.017 per cent stake, Vietnam Tiger Fund (VTF), established and managed by MB Capital, will sell nearly 2.75 million shares, or 0.237 per cent stake.
In notices sent to the exchange, the institutions said the sale is for restructuring investment portfolios, and Military Bank Deputy General Director Nguyen Minh Chau concurrently chairs MB Capital.
The bank's shares are trading at around VND14,000 (US$0.67) per share today on the HCM City Stock Exchange.
The management board of Military Bank stated at a shareholder meeting in April that the bank had plans to raise its charter capital from VND11.594 trillion to VND16 trillion (from US$552.10 million to US$761.90 million) this year.
The increase in capital will help it guarantee operational security, enhance capacity, and expand networks, besides supplementing finances for business activities and strengthening cooperation with major shareholders.
During the first quarter of 2015, the bank obtained some VND2 trillion (US$95.24 million) in net revenues, up 29 per cent year-on-year. But a soar in the value of provisional funds caused its pre-tax profit to fall by 1.48 per cent year-on-year at VND797 billion (US$37.95 million).
This year, it plans to report a pre-tax profit of VND3.25 trillion (US$154.76 million) and pay dividends at a rate of 10 per cent.
Ha Noi-based MB Capital had a charter capital of VND323 billion (US$15.38 million), with its total asset value reaching VND1.4 trillion (US$66.67 million) at the end of last year. It had established the VTF, a close-ended fund, in 2007.
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