State-owned telecommunications corporation MobiFone has announced a plan to sell its entire share of Tien Phong Joint Stock Commercial Bank (TPBank).

State-owned telecoms corporation MobiFone is hoping to sell its 5.5 million shares of TPBank on the stock market. — Photo dantri.com.vn

MobiFone to put TPBank shares on sale

13/12/2018

State-owned telecommunications corporation MobiFone has announced a plan to sell its entire share of Tien Phong Joint Stock Commercial Bank (TPBank).

SR Vietnam | Business News & Business Solutions

MobiFone will offload nearly 5.55 million shares of TPBank on the stock market, TPBank said in a note published on Monday.

TPBank is listed on the Ho Chi Minh Stock Exchange (HoSE) as TPB. The transaction may be carried out through order-matching and put-through sales.

MobiFone expects the price for TPBank shares in the deal to be no lower than VND25,230 (US$1.11) per share or the shares’ average price in the 30 days prior to the announcement.

At VND25,230 per share, MobiFone expects to earn VND140 billion ($6.15 million) from the deal.

In the 30 days leading up to December 10, TPBank shares had moved between VND21,150 and VND25,880 per share.

Its 30-day average price was VND25,655 per share.

The deal is expected to be complete in April 2019.

TPBank listed more than 671.8 million shares on HoSE on April 19, 2018 at VND32,240 per share.

The bank shares were up 0.5 per cent on Wednesday to close at VND21,250.

This means the bank has lost total more than one third of its share value since the April listing.

MobiFone had previously offered its share at TPBank for sale in October for at least VND29,150 per share.

But the State-owned telecoms corporation failed to complete the deal because TPBank shares moved to between VND23,900 and VND27,500 per share, lower than MobiFone’s expected price. — VNS

Source: Bizhub.vn

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