Vietnam Digest: Toong, Indochina pact; Vietcombank pares OCB stake

Source: Wínk Hotels' Official fanpage

Vietnamese co-working space operator Toong and Indochina Vanguard have collaborated to locate co-working space in Wínk Hotels while Vietcombank continues to pare its ownership at Orient Commercial Bank by offloading over 6.6 million shares.

Toong partners Indochina Capital to integrate co-working space into hotels

Vietnamese co-working space operator Toong and Indochina Vanguard, a hospitality joint venture between Indochina Capital and Singapore-based Vanguard Hotels, have announced a partnership to integrate Toong co-working space facilities into newly created Wínk Hotels.

The first such facility is scheduled to open in Ho Chi Minh City in the fourth quarter of 2019.

“By integrating Toong co-working space facilities into this dynamic new chain of hotels, we expect to reform the way business centers operate,” Duong Do, Founder and CEO of Toong told DEALSTREETASIA in an interaction.

Two weeks ago, Toong announced its first foray into the international market, with plans to open a new location in Vientiane, Laos.

The expansion of Toong coincides with current market trends of the modern office space market. According to Hoang Dieu Trang, Senior Manager Commercial Leasing Savills Hanoi, co-working will continue to grow to match the economic demands and the evolution of the way millennials work.

After two years of operations, Toong has opened six outlets in major cities of Vietnam including Hanoi, Da Nang and Ho Chi Minh City.

Vietcombank to offload over 6.6 million shares at Orient Commercial Bank

Vietnam’s largest lender by market value Vietcombank (VCB) has registered to offload over 6.6 million shares at Ho Chi Minh City-based Orient Commercial Bank (OCB) on March 17, as a part of its effort to pare its ownership at other credit institutes under Circular No. 36 of State Bank of Vietnam.

According to the latest announcement from Hanoi Stock Exchange, VCB will sell the OCB shares at starting price of VND13,000 ($0.57) per shares. The bank is expected to earn at least VND86.74 billion ($3.81 million) from the sale.

VCB earlier also offered for sale 18.9 million OCB shares at starting price of $0.57 per shares. However, only 13.16 million shares were purchased with the highest price of VND14,500 ($0.64). After the divestment, Vietcombank’s ownership at OCB fell from 4.72 per cent to 3.97 per cent.

In 2017, VCB made a successful divestment at Cement Finance Joint-Stock Company (CFC) and Saigonbank. The Hanoi-based VCB currently still holds 8.19 per cent of the stakes at Eximbank and 6.97 per cent at Military Bank.

According to Circular No. 36 of State Bank of Vietnam, VCB is allowed to own no more than 5 per cent of shares in two credit institutions.

Last month, VCB earned VND334 billion ($14.6 million) by offloading 7.6 million shares of Vietnam Airlines (HVN). The bank earlier purchased 22.4 million HVN shares in its initial public offering (IPO) at the end of 2014 at VND22,300 ($0.9) per share.

The bank currently still holds more than 14.8 million shares of Vietnam Airlines, equivalent to 1.21 per cent of the carrier’s charter capital.

Also Read: 

Vietcombank sells Vietnam Airlines shares; Toong, BIM launch co-working ops in Laos

Vietnam: Indochina Capital invests in co-working space operator Toong

Vietcombank to offer 10% stake to foreign investors, GIC among interested parties

 

 

 

 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.