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State Capital Investment Corporation – SCIC has registered to sell all of its 1.35 million shares of Military Commercial Joint Stock Bank (MB- code: MBB) for financial investment purposes. The transaction is expected to be executed through matched and/or negotiated orders from February 20th to March 20th. If successful, SCIC will no longer hold any MBB shares.
Prior to this, from January 17th to February 15th, SCIC had registered to sell all of its 3 million MBB shares but only successfully sold 1.65 million shares through matched orders, due to market fluctuations.
SCIC is an organization affiliated with Mr./Mrs. Vu Thai Huyen – Member of MB’s Board of Directors and the representative of the State Capital Investment Corporation’s (SCIC) ownership capital at MB. Currently, SCIC is the parent company of SCIC and the 2nd largest shareholder at MB, owning 459,425,325 shares, equivalent to 9.425% of the bank’s charter capital.
On the market, MBB shares are currently trading at VND 24,000/share, up nearly 30% since the beginning of the year. It is estimated that SCIC can earn about VND 32 billion if it successfully sells the registered shares.
In another development, MB’s Board of Directors recently issued a resolution to launch private placement of 73 million shares of the Military Industry-Telecoms Group (Viettel Group) and the State Capital Investment Corporation (SCIC). Specifically, MB offers 43 million shares to Viettel Group and 30 million shares to SCIC.
The above-mentioned private placement is based on the decision approved by the Annual General Meeting of Shareholders in 2023 and the related legal regulations.
According to the resolution, the offered price for Viettel Group and SCIC is VND 15,959/share. This is the book value per share based on the financial statements reviewed between the eight-month period ended on August 31st, 2023, which was audited by KPMG Limited Liability Company.
The expected timeline for the private placement is the first quarter of 2024, in which the procedures for registration and reporting to the State management agencies will be carried out to implement the private placement round for the two aforementioned investors starting from January 2024.
The shares offered for private placement are restricted from transfer within 5 years from the completion date of the private placement, except in cases specified by the law.
If the private placement is successful, MB’s charter capital will increase by VND 730 billion, from VND 52,141 billion to VND 52,871 billion. The additional charter capital will be used by the bank to supplement investment capital, increase capacity, and enhance business capital on the principles of safety, efficiency, and benefits for shareholders.
