Vietnam's MBBank registers to sell 49% of total treasury shares

The bank, better known as MBBank, expects the trading time within 30 days after getting approval from the State Securities Commission, but no later than March 31, 2020.

The sale is part of the bank’s move to raise its operating capital and expand its operations over the next three years, bringing benefits to shareholders.

The capital will be used for building offices, branch offices, investing in technologies and equipment for operation development, the bank said.

Currently, MBBank owns more than 47 million treasury shares with a book value of over VND1,037 billion ($44.6 million). Amount of shares registered to sell is accounted for about 49% of the total treasury shares.

Earlier, the bank said it planned to raise about $240 million from the sale of 7.5% stake to foreign investors via a private placement.

The Vietnamese lender reported VND6.1 trillion ($262.7 million) after-tax profit during the first three quarters this year, up 27% from VND4.8 trillion ($206.7 million) from a year ago.