<article>Vietnamese mobile network operator <a href="https://www.dealstreetasia.com/tag/MobiFone/">MobiFone</a> plans to divest its entire holding in <a href="https://www.dealstreetasia.com/tag/TPBank/">Tien Phong Commercial Joint Stock Bank</a> (TPBank), targeting to raise $7.14 million from the transaction.</article>

Vietnamese mobile network operator <a href="https://www.dealstreetasia.com/tag/MobiFone/">MobiFone</a> plans to divest its entire holding in <a href="https://www.dealstreetasia.com/tag/TPBank/">Tien Phong Commercial Joint Stock Bank</a> (TPBank), targeting to raise $7.14 million from the transaction.
In a disclosure to Ho Chi Minh City Stock Exchange, MobiFone will transfer its 5.5 million shares, or 0.95 per cent, of the bank’s charter capital to potential investors.
The minimum bid price is set at VND29,510 ($1.29) apiece and the average reference price at within 30 trading days on the stock market. At the price, the mobile network operator is expected to earn at least VND163.7 billion ($7.14 million) from the transfer.
&#8220;The transfer of the shares is not intended to raise capital for the company, but only to change the ownership ratio in the shareholding structure while not to change the company’s registered charter capital,” MobiFone stated in the disclosure.
In February, MobiFone sold 33.4 million shares in <a href="https://www.dealstreetasia.com/tag/SeABank/">Southeast Asia Commercial Joint Stock Bank</a> (SeABank), equivalent to 6.11 per cent of charter capital at an average price of VND 9,978 ($0.4) apiece, earned nearly VND334 billion ($14.5 million).
The mobile network operator earlier announced that it would hold the second round of auctions to divest its shares in SeABank and TPBank. 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.
Vietnamese lender TPBank plans to sell about a 15 per cent stake to investors via a private placement and issue 28 per cent of dividend and bonus shares during the last three months of the year.
It expects to raise its registered capital to VND8.5 trillion ($372 million), up from its current VND5.84 trillion ($256.9 million), this year through the shares issuances.
TPBank’s major shareholders include the International Finance Corporation (5%), FPT Corporation (8.68%), DOJI Gold and Gems Group (7.60%), Vietnam National Reinsurance Corporation (VinaRe) (5.14%) and SBI Ven Holdings (4.61%).
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<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/singapores-sbi-ven-holdings-to-increase-stake-in-vietnamese-lender-tpbank-99488/">Singapore’s SBI Ven Holdings to increase stake in Vietnamese lender TPBank</a>
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Vietnamese mobile network operator MobiFone plans to divest its all shares in Tien Phong Commercial Joint Stock Bank (TPBank), expects to earn $7.14 million from the sale.

Vietnam: MobiFone to exit TPBank as part of strategy to focus on core business

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Vietnam: MobiFone to exit TPBank as part of strategy to focus on core business

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