Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) has sold its entire 8.06% stake in seafood processing and exporting firm Camimex Group, according to a stock exchange disclosure. Sacombank sold 1.06 million shares of Camimex on the Ho Chi Minh City Stock Exchange on June 21.

At the trading price of VND4,500 (USD0.19) apiece, the bank earned over VND5.3 billion (USD233,200) from the sale. Established in 1977, Camimex Group is one of the leaders in seafood processing and exporting producers of Vietnam. It processes and exports over 10,000 tons of aqua products to worldwide markets at a value of more than USD100 million every year. Sacombank is the country’s fifth-largest partly-private bank in terms of total assets, estimated at VND290.86 trillion (USD12.77 billion) after its merger with Phuong Nam (Southern) Bank in 2015. It was named among the five banks that were to undergo restructuring in 2017 after being acquired by Vietnam’s central bank at a price of zero dong in 2015. The other four banks were VNCB, PG Bank, Ocean Bank and Dong A Bank. As of the first quarter of this year, Sacombank’s pre-tax profit reached VND503.7 billion (USD22.1 million), an increase of 63% year-on-year. Vietnam Export Import Commercial Joint Stock Bank (Eximbank) had earlier announced that it sold 1.31 million shares in Sacombank by the end of December 2017, as part of its plans to divest its entire stake in the bank. Eximbank’s shareholding in Sacombank now stands at 7.94%, equivalent to 143.17 million shares of the bank.

Source: https://www.dealstreetasia.com