In a bid to raise more operational capital, Vietnam’s mid-size lender LienVietPostBank is selling a 25 per cent equity interest to a foreign strategic investor. Meanwhile, Joomla template and extension developer JoomlArt has acquired a foreign company in the same vertical.
LienVietPostBank in talks to sell 25% strategic stake
Vietnamese lender LienVietPostBank is in the final stages of selling a 25 per cent stake to an overseas strategic investor, local media said.
However, the name of the investor was not disclosed.
The foreign ownership limit in Vietnamese banks is capped at 30 per cent. An easing of this restriction is not foreseen any time soon, even as some major local lenders like Vietcombank and Vietinbank have asked for an increase in foreign ownership to 35-40 per cent.
“After the involvement of the foreign investor, LienVietPostBank will seek to spur capital, expand network, improve its governance in line with international standards, and then, we will seek to list our shares, either in Ho Chi Minh City or Hanoi,” Nguyen Doan Son, vice chairman and CEO of the bank, was quoted as saying.
LienVietPostBank has become the third private lender to trade its shares on the Unlisted Public Companies Market (UPCoM) since the beginning of this year, floating 646 million shares at the preference price of VND14,800 on October 5.
The bank said it owned a network of 200 branches and offices, and over 10,000 postal outlets. It had total assets worth VND150 trillion and posted a pre-tax profit of VND1.3 trillion at the end of August.
JoomlArt acquires Poland-based web template provider Gavick
Joomla template provider JoomlArt, founded by Vietnamese entrepreneur and angel investor Hung Dinh, has acquired Polish peer Gavick.com for an undisclosed amount.
The deal will be completed by October 19, when pricing updates and integrations will be unveiled.
The GavickPro brand will come under the JoomlArt umbrella, but as a separate entity, said Robert Gavick, CEO of the Joomla and WordPress themes developer.
“In time came new challenges; the Joomla install base that we relied on to maintain our services often fluctuated, severely impacting revenues and taking a heavy toll on our team. Many moved on to other projects to find a more stable environment, which meant that we were unable to maintain the regular content releases that we’d established in the past,” he said.
The acquisition does not include Gavick’s user database. Existing Gavick users are asked to register for JoomlArt platform, said JoomlArt CEO Hung Dinh.
The company has also recently acquired JomSocial and iJoomla, positioning itself as one of the biggest Joomla-based companies.