The Hanoi Stock Exchange (HNX) announced that it will not hold an auction of more than 140.5 million LPB shares of Lien Viet Post Bank (LienVietPostBank) owned by VNPost.
The announcement said that, as planned, HNX will hold the auction on April 21, 2023. However, by the end of the registration and deposit deadline (3:30 p.m. on April 14), there were still no investors registering to buy shares of the company. Therefore, according to regulations, the auction of shares is not eligible to be held.
Lien Viet Post Bank's share auction was "unsold"
Previously, VNPost announced that it would auction more than 140.5 million LPB shares at a starting price of VND22,908/share at HNX. It is estimated that based on the starting price, VNPost could earn at least VND3,218 billion if the above LPB shares are successfully auctioned.
However, the fact that LPB shares are "unsold" is probably not too surprising when the closing price of this bank's shares on April 17 was only 14,300 VND, nearly 40% lower than the starting price offered by VNPost.
This is not the first time VNPost has failed to divest from LienVietPostBank. In early 2022, VNPost auctioned nearly 122.2 million LPB shares at a starting price of VND28,930/share, equivalent to more than VND3,500 billion for the entire lot of shares. As a result, only 7 domestic individual investors bought 800 LPB shares at an average auction price of VND29,483/share.
LienVietPostBank then issued more than 225.5 million shares to pay dividends at a ratio of 100:15 (owning 100 shares will receive 15 new shares). This increased the number of LPB shares owned by VNPost from nearly 122.2 million to more than 140.5 million units.
LienVietPostBank achieved pre-tax profit of VND5,690 billion last year, up 56% compared to 2021. The bank's total assets reached more than VND327,000 billion, up 13.3% compared to the beginning of 2022...
Source: https://thanhnien.vn/hon-140-trieu-co-phan-cua-ngan-hang-buu-dien-lien-viet-bi-e-185230417172634753.htm
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