SCIC seeks one investor for Maritime Bank shares

The SCIC declined to provide any further information when contacted by VET. In late September it planned to publicly auction the shares but was unsuccessful.
 
The 2,402,325 shares, with a par value of VND10,000 ($0.45), will be sold to a single investor. Many bank shares have fallen below their par value in recent times, making divestment problematic.
 
Maritime Bank repurchased 17.6 million shares in June to hold as treasury shares, at an average price of VND8,900 ($0.4). It now holds more than 30.5 million treasury shares.
 
The bank is yet to release its third quarter consolidated financial statement, though its first half business results were better than expected.
 
Revenue in the first half was reported at VND1.28 billion ($57.4 million), up 41 per cent compared to the same period last year. Pre-tax profit stood at VND151 billion ($6.9 million), up 163 per cent year-on-year.
Improvements were made in the bank’s technology infrastructure and the expansion of its network and human resources, enhancing the quality of its customer services, establishing new products, and increasing corporate governance.
 
As at the end of June its charter capital stood at VND114.5 trillion ($5.2 billion), up 9 per cent compared to the end of 2015 and 20 per cent higher than in the same period last year.
 
Total deposits were VND74.6 trillion ($3.4 billion) at the end of June, up 13 per cent compared to the end of 2015 and 20 per cent compared to the same period last year. Total lending stood at VND33.6 trillion ($1.53 billion), a 20 per cent increase against the end of 2015 and up 65 per cent year-on-year.
 
By enhancing the management of its charter capital its capital adequacy ratio (CAR) remained well above the 9 per cent threshold, reaching 22.12 per cent as at the end of June. Its liquidity reserve ratio was also higher than requirements, at 19.03 per cent by end-June.
 
This year the SCIC expects to divest from 120 State-owned enterprises (SOEs) out of the 197 where it represents State capital.