TPBank earns US$97mn by issuing private shares

Tiên Phong Commercial Joint Stock Bank (TPBank, stock code TPB) has completed the private sale of 87.63 million shares to more than 20 investors, earning nearly VNĐ2.2 trillion (US$96.5 million).

In a filing to Ho Chi Minh Stock Exchange on June 18, the bank said 100 per cent of its shares were sold to 21 investors at the price of VNĐ25,000 ($1.10) per share, which was lower than its trading price of VNĐ27,000-VNĐ28,000 per share on the bourse.

Seven institutions bought nearly 59 million shares, or 67.3 per cent of the total offer, while 14 individuals purchased the remaining shares.

Finnish PYN Elite Fund Management, which manages assets worth 450 million euros (over VNĐ12 trillion), spent nearly VNĐ840 billion to acquire more than 33.5 million shares of TPBank. After the transaction, PYN Elite Fund owns 4.99 per cent of the bank’s charter capital.

Singapore’s SBI Ven Holdings Pte. Ltd also bought more than four million shares to maintain its ownership of 4.61 per cent at the bank. This fund has two representatives in TPBank’s management board.

A group of four companies (VG Co. Ltd, JB Co. Ltd, SP Co. Ltd and FD Co. Ltd), chaired by Nguyễn Thị Thu Nguyệt (who is also a member of TPBank’s supervisory board), purchased 13.3 million shares.

Saigon Securities Inc acquired eight million shares, equivalent to 1.19 per cent of TPBank’s charter capital.

In a related development, TPBank completed the conversion of more than 29.2 million preferred stocks that the International Finance Corporation (IFC) had bought for over VNĐ400 billion in August 2016. With these shares, IFC’s stake in TPBank stands at 4.35 per cent.

After the offering, total outstanding shares of TPBank increased from 584.2 million shares to 671.84 million shares, equivalent to a charter capital of VNĐ6.72 trillion.

Source: VNS