Mobifone will offload its holding of 38.95 million shares in SeABank and TPBank next month. ( Photo Mobifone)
Hanoi (VNA) - State-owned mobilenetwork operator Mobifone will offload its holding of 38.95 million shares intwo joint stock commercial banks in February.
The Hanoi Stock Exchange has announced that itwill conduct two auctions of the shares of SeABank and TPBank held byMobifone on February 7.
At 8.30am on that day, Mobifone will auction morethan 33.4 million SeABank shares, equal to 6.11 percent of the bank’s chartercapital. With a starting price of 9,600 VND (42 US cents) per share, ifsuccessfully auctioned, Mobifone will gain more than 320 billion VND (14.1million USD) and no longer be a shareholder of SeABank.
Mobifone is currently the third-largestshareholder in SeABank, after Société Générale and Phu My Investment Co, whichhold 19.52 percent and 11.55 percent of the bank’s charter capital,respectively.
At 10am on the same day, Mobifone will auctionmore than 5.55 million TPBank shares, or 1 percent of the bank’s chartercapital. At a starting price of 12,800 VND (56 US cents) per share, Mobifone isexpected to gain at least 70 billion VND (3.1 million USD) and cut its stake inthe bank to 4.76 percent.
The divestment from the two banks is in line withMobifone’s policy of divesting investments from its non-core business lines.
This is the second round of Mobifone’s programmeof capital withdrawal from TPBank and SeABank. In April, 2017, MobiFone failedto sell shares of SeABank as no bidders showed interest. It could sell just 61percent of the offering of more than 14.28 million TPBank shares. Industryinsiders attributed the failure to tepid investor sentiments.
According to experts, the auctions of the shareswill test the local stock market, which has jumped over 50 percent in the past12 months, supported by local and foreign inflows and the country’s stellareconomic performance in 2017.
TPBank and SeABank shares are priced at some 26,000VND and 14,000 VND each in the OTC market. Finish fund PN Elite Fund bought a4.99 percent stake of TPBank in December 2017 for nearly 40 million USD,valuing the bank’s shares at 30,000 VND each. - VNA
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Mobifone will offload its holding of 38.95 million shares in SeABank and TPBank next month. ( Photo Mobifone) 
