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IFC to sell 16 million Sacombank shares   2008-12-16 - VNA

The International Financial Corporation (IFC) on Dec. 15 announced it would sell off over 16 million shares in Sacombank – over half its holdings in the HCM City-based commercial bank.

“The sell-off by IFC is in accordance with the capital withdrawal plan previously projected by Sacombank and IFC. Sacombank and IFC are working together to transfer the shares to a third partner,” Sacombank general director Tran Xuan Huy

Based on the share prices on the HCM Stock Exchange on the day of 19,900 VND (up 4.74 percent against last Friday), the total value of the deal could exceed 320 billion VND (18.93 million USD).

The move comes after IFC’s support of Sacombank’s transition into becoming one of Vietnam ’s leading joint-stock banks, IFC said in a press release.

“The sell-off by IFC is in accordance with the capital withdrawal plan previously projected by Sacombank and IFC. Sacombank and IFC are working together to transfer the shares to a third partner,” Sacombank general director Tran Xuan Huy told the English-language daily Viet Nam News.

An exact time for the sale was not specified, but once completed, IFC would continue to hold a stake of about 3.4 percent in Sacombank.

Current foreign strategic partner ANZ Bank, which holds a 10-percent stake in Sacombank, would not comment to Viet Nam News as to whether ANZ would seek to acquire a larger stake.



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