Vietnam: MobiFone to divest SeABank and TPBank shares in Feb auction

Vietnamese mobile network operator MobiFone will on February 7 hold the second round of auctions to divest its shares in Southeast Asia Commercial Joint Stock Bank (SeABank) and Tien Phong Commercial Joint Stock Bank (TPBank), according to an announcement by the Hanoi Stock Exchange.

If successful, the telco expects to pocket at least VND400 billion ($17.6 million) from the auctions based on the starting price.

MobiFone had previously held an auction to sell its shares in SeABank and TPBank last April as part of its strategic plan to focus on its core businesses. However, no investor was keen to bid for SeABank’s shares while MobiFone sold only 61 per cent of its offering of 14.28 million shares in TPBank and raised VND77.7 billion ($3.4 million) at that time.

In the upcoming auction, MobiFone will sell all its 33.4 million shares in SeABank, equivalent to 6.11 per cent of charter capital in the auction, at the starting price of VND9,600 apiece ($0.4).

Also, it will auction more than 5.5 million shares in TPBank at the starting price of VND12,800 apiece ($0.5). Post the auction, MobiFone will still hold 4.76 per cent in the bank.

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