Two foreign funds to cut ACB stakes

By Dat Nguyen   October 7, 2020 | 07:53 pm PT
Two foreign funds to cut ACB stakes
An employee counts Vietnamese banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy.
Two foreign investment funds have registered to reduce their stakes in Asia Commercial Bank by over 2 percent.

The Asia Reach Investments Limited (ARIL) wants to reduce its ownership in the bank from 3.15 percent to 2.51 percent and the First Burns Investments Limited from 4 percent to 2.48 percent, according to a statement from the bank.

The transactions are set to be carried out between October 9 and November 11.

Both funds are linked to Dominic Scriven, chairman of HCMC asset management company Dragon Capital and a member of the ACB board.

At the end of last year the combined stakes held in the bank by the two funds and Dragon Capital was over 14 percent.

ACB shares are being traded at around VND23,500 ($1.01), up 30 percent since the beginning of this year.

Its post-tax profit for the first half rose 5.5 percent year-on-year to VND3.06 trillion ($132 million).

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