MobiFone to divest from two banks

January 10, 2018 | 09:10 am GMT+7

The Hanoi Stock Exchange (HNX) has announced it will conduct two auctions of shares in the Southeast Asia Commercial Joint Stock Bank (SeABank) and the Tien Phong Commercial Joint Stock Bank (TPBank) held by MobiFone on February 7.


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Based on the starting prices, the total divestment will be nearly VND400 billion ($17.6 million) if successful.
At 8.30am on February 7, MobiFone will auction more than 33.4 million SeABank shares, equal to 6.11 per cent of charter capital. 
With a starting price of VND9,600 ($0.4) per share, if successfully auctioned, MobiFone would gain more than VND320 billion ($14.1 million) and no longer be a shareholder.
At 10am on the same day, MobiFone will auction more than 5.5 million TPBank shares, or 1 per cent of charter capital. 
At a starting price of VND12,800 ($0.5) per share, MobiFone would collect at least VND70 billion ($3.1 million) and cut its stake in the bank to 4.76 per cent.
The divestment from the two banks is in line with its policy of divesting investments outside of its regular business lines.
This is the second round of MobiFone’s program of capital withdrawal from TPBank and SeABank. 
At the end of April 2016, MobiFone auctioned shares in SeABank and TPBank but failed. 
No investors registered to buy the 33.4 million SeABank shares listed, and HNX canceled the auction. 
MobiFone also sold just 8.7 million shares in the TPBank auction at the same time, or 61 per cent of the offering of more than 14.28 million shares, which were equal to 2.57 per cent of charter capital, at an average price of VND8,900 ($0.4) per share. 
MobiFone collected over VND77.7 billion ($3.4 million) in that auction.