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Vietnam to fully divest from Maritime Bank

By Dam Tuan September 30, 2016 | 06:22 pm PT

The sale of a block of more than 2.4 million shares has been scheduled for October.

The State Capital Investment Corporation (SCIC), Vietnam’s sovereign wealth manager, will unload its entire stake in Maritime Bank next month.

A block of more than 2.4 million shares will be auctioned at the Hanoi Stock Exchange on October 26, starting at VND11,700 ($0.53 cents) per share, according to a statement on the bourse’s website.

The block is equivalent to 0.3 percent of the bank’s charter capital. Maritime is looking for a single buyer.

Around a year ago, the unlisted lender completed its merger with the smaller Mekong Development Bank, a move sanctioned by the central bank as part of the country’s banking sector reform.

Maritime Bank in July reported revenue of VND1.28 billion ($57.49 million) for the first six months, up 41 percent from the same period last year. Its pre-tax profit was VND151 billion and non-performing loans stayed under 3 percent, the bank said.

It has set a pre-tax profit target of VND190 billion for the year.

Vietnam is in the middle of a privatization drive, with plans to divest from a wide range of state-owned enterprises, including dairy giant Vinamilk and major breweries Sabeco and Habeco.