Eximbank-established affiliate holds 5.17pct stake in Sacombank

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VietStock FI English - 26 month(s) ago 18 readings

Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank-STB) has recently reported the holding of its majority shareholder namely Saigon Exim Investment Joint Stock Co whereby this shareholder bought 50.4 million STB shares, accounting for 5.17 percent of the total STB shares in circulation.

The transaction was made on January 9, 2012.

Saigon Exim Investment Joint Stock Co, an affiliate of Vietnam Export Import Commercial Joint Stock Bank (Eximbank-EIB), specialises in housing construction and road construction, real estate business and commercial advertising.

According to the company's website, it has three founding shareholders namely Eximbank, Exim Real Estate Co and Saigon Development and Investment Joint Stock Co. According to Eximbank's fiscal statement, Saigon Exim is an associated company of the bank.

Nguyen Thanh Nhung, deputy general director of Eximbank, is now also member of director board of Saigon Exim Co.

From January 9, 2012, Eximbank also raised its holding in Sacombank to 9.73 percent stake.

Earlier, Eximbank's chair sent document to Sacombank to re-elect wholly management board and nominate representative to Sacombank's member of management board.

Facing the risk of being acquired, Sacombank sent letter to shareholders calling for support of authorisation to attend the annual general meeting (AGM) 2012. Sacombank has not closed schedule for its AGM yet. According to the announcement sent to shareholders, the AGM is scheduled in the second quarter of 2012.

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