Stock market briefs on Sept 22, 2018

HCMC – Vietcombank (VCB) will auction 45.6 million shares, equivalent to 3.69% of outstanding shares, of Eximbank (EIB) at the Hanoi Stock Exchange on October 22. The starting price will be VND14,497 per share, versus the current price of EIB of VND13,850 a share. VCB expects to receive VND660 billion from this divestment. After an equity divestment of 53.4 million shares at Military Bank (MBB) earlier this month, VCB will also reduce its holding at EIB to 4.5% to comply with Circular 36, which limits non-subsidiary bank holdings to less than 5%.

HCMC – Savimex Corporation (SAV) has accepted an offer by Thanh Cong Textile Garment Investment Trading Company (TCM) to buy 2.75 million of its shares. Previously, TCM announced a plan to acquire this volume of SAV shares, equivalent to a 20.71% stake in SAV, at an offered price of VND9,000 per share. The transaction will be done in the third or fourth quarter of 2018.

HCMC – Sai Gon Thuong Tin Real Estate Company or TTC Land (SCR) has acquired a five-hectare area in HCMC’s District 5 to develop luxury apartments and malls. The firm will issue 22.2 million shares for its 2017 dividend payment at the 100-for-7 ratio in the third quarter of this year. Currently, the firm has 317 million outstanding shares. After the issuance, SCR expects to raise its registered capital to VND3.39 trillion from the current VND3.17 trillion.

HANOI – Hai Phat Investment Company (HPX) expects a net profit of VND280 billion in the second half of this year. According to Viet Capital Securities Company, HPX will hand over two buildings of The Vesta housing project and some low-rise apartments of The Roman Plaza project at the end of 2018. The firm has targeted to earn a net profit of VND950 billion from revenue of VND5.5 trillion in 2020, up 3-fold and 1.7-fold compared to those in 2018, respectively. In the 2018-2021 period, HPX has implemented six build-transfer projects with total capital of VND1 trillion.

HANOI – Yuanta Securities Asia Financial Services Company has acquired 70 million shares at Yuanta Securities Company (FSC) to raise its ownership to 85.2%.