Vietnam’s Military Commercial Bank said to seek $240m in stake sale

Photo: Military Bank's Facebook page

Vietnam’s Military Commercial Joint Stock Bank plans to raise about $240 million from the sale of a 7.5% stake to foreign investors via a private placement, according to people familiar with the matter.

The sale of the 7.5% stake, or 141.5 million new shares and 47 million treasury shares, is expected to be completed by the end of this month, said the people, who asked not to be identified because the information isn’t public yet.

The book is currently open to bids from interested investors, the people said. The Hanoi-based bank, also known as MB, has offered shares to about 100 investors and is currently working with about 40 investors from countries that include Japan, Hong Kong, Singapore and South Korea.

MB has “good earnings prospects” while asset quality is controlled at a reasonable level, Bao Viet Securities JSC wrote in a September 12 note to investors. The bank’s net profit rose to 2.2 trillion dong ($95 million) in the third quarter, compared with 1.76 trillion dong in the same period last year.

MB’s shares have surged 30% this year versus a 14.6% advance of the benchmark VN Index.

SSI Securities Corp. is the sole adviser and book-runner for the deal, the people said.

Bloomberg

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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).

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  • 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.