VNPT to auction 71.5 million MSB shares

The Ha Noi Stock Exchange (HNX) has announced the auction of 71.5 million shares in Maritime Commercial Joint Stock Bank (MSB) by the Vietnam Posts and Telecommunications Group (VNPT).

The auction will take place on November 20.

The opening price will be VND11,700 (US$0.52) per share, three times higher than the price of MSB shares traded on the over-the-counter market in September. If the transaction is successful, VNPT will collect at least VND837 billion ($37.5 million) from the divestment.

The sale is part of the VNPT's development plan in response to the Government's Decision No. 888 to restructure the State-owned group. The decision regulated that the group divest all capital from its non-core businesses.

Thus, besides MSB, the group will have to completely divest other 62 companies including Bao Minh Insurance Company, 57 joint stock companies and limited companies, and four investment funds.

MSB, which merged with the Mekong Development Bank in August, holds chartered capital of VND11.75 trillion ($525 million) and assets of VND113 trillion ($5.06 billion).

vir

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