Military Bank raises $191 mln via share sale
Military Commercial Bank, Vietnam's sixth-largest partly private lender by assets, said it had raised VND4.29 trillion (US$191 million) via selling new shares to four domestic institutional investors.
The share sale is part of the Hanoi-based lender's plan to boost financial strength by increasing its registered capital by 38% to VND16 trillion, a project approved by shareholders at a general meeting on April 21.
The bank sold all the 390.61 million shares on offer at an average price of VND11,077.5 each to five firms, of which the military-run telecoms giant Viettel bought nearly 61 million shares to retain its 15% stake, Military Bank said in a statement issued on late September 18.
The fully state-owned State Capital Investment Corp bought 160 million MBB shares, becoming a new investor in the lender with a 10% stake, the bank said.
Three other Vietnamese firms, which are existing investors in the bank, have bought the remaining stocks in the sale that was completed on September 18, Military Bank said.
MBB shares were traded up 2.01% at VND15,200 each, a one-week high, at 0303 GMT on September 21.
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