Foreign investors change hands 1.35 million shares of Warburg-backed Techcombank
amount in transactions was expected to total VND355 billion (US$15.24 million) or VND26,300 (US$1.13) apiece under the current market price recorded by the end of August.
Foreign investors transferred 1.35 million shares of Techcombank, backed by global private equity fund manager Warburg Pincus on August 31, according to the Vietnam Securities Depository (VSD).
On August 31, Deutsche Bank AG London transferred 750,000 shares of Techcombank to British Columbia Investment Management Corporation.
Additionally, Forum One - VCG Partners Vietnam Fund moved 300,000 shares each to Vietnam Growth Stock Income Mother Fund and Seahedge Philippines Fund on the same day.
The said share amount in transactions was expected to total VND355 billion (US$15.24 million) or VND26,300 (US$1.13) apiece under the current market price recorded by the end of August.
Deutsche Bank previously sold 8.75 million shares of Techcombank worth VND232 billion (US$10 million) to nine foreign investors, including Grandeur Peak Emerging Markets Opportunities Fund; Grandeur Peak Global Reach Fund; Grandeur Peak International Opportunities Fund; Grandeur Peak Global Opportunities Fund; Grandeur Peak Global Opportunities, L.P. ; Grandeur Peak Global Stalwarts Fund; Grandeur Peak International Stalwarts Fund ; Ensign Peak Advisors INC; Grandeur Peak International Stalwarts, L.P.
Techcombank saw its pre-tax revenue climb 90% year-on-year to VND5.2 trillion (US$223.4 million) in the first half of 2018, according to the statement. This resulted in the bank's all-time high after-tax profit of VND4.15 trillion (US$178.3 million), according to the report.
Contributing to the bank's high profit was the net fee and commission income of VND1.18 trillion (US$50.69 million), up 8% year-on-year, while irregular income from debt settlement reached VND1.36 trillion (US$58.46 million).
Additionally, income from early settlement of Vietnam Asset Management Company (VAMC)'s bonds and recovery of loans previously written-off also attributed to Techcombank's high growth rate in profit, according to the report.
In early March, Warburg announced a US$370 million-investment in Techcombank, marking the largest-ever private equity investment in Vietnam to date. The transaction, which was made through two separate legal entities managed by Warburg Pincus, brings Warburg's total commitment in the country to over US$1 billion.
Techcombank is 14.99% owned by Masan Group, while foreign investors own 22.5% of the bank's chartered capital, albeit each owns less than 5%. Dragon Capital, Capital Group, Clermont Group, Singaporean wealth fund GIC and Fidelity are among shareholders of the bank.
- RoK’s rural development group to invest in smart farming in Vietnam (15/07/2019)
- FDI reaches record level in four months (08/07/2019)
- Powering 220 kV Southern Sai Gon - Urban District 8 transmission line (27/06/2019)
- EVFTA Press Release - Official Announcement from the EU (26/06/2019)
- PM calls on Korean investors to expand operations in Vietnam (12/11/2018)
- E-commerce golden pass for logistics (12/11/2018)
- Hoa Phu Industrial Park - The destination of success (12/11/2018)
- Long Thanh airport’s feasibility study approved (12/11/2018)
- Renewable energy projects spur foreign investment surge (02/11/2018)
- New innovation centre to provide grounds for Vietnam 4.0 (02/11/2018)
- National Assembly set to ratify historic trade deal (02/11/2018)
- Overseas financiers outline obstacles (02/11/2018)
- Moody’s upgrades ratings on Vietnamese banks (01/11/2018)
- Foreign investors expand networks in Vietnam (01/11/2018)
- Altus Capital funded to invest in distressed Southeast Asian companies (01/11/2018)
- More FDI to reach southern region (01/11/2018)
- Foreign fashion giants set footprint in Vietnam through M&A (31/10/2018)
- Vietnam should be Samsung’s biggest global strategic hub: PM (31/10/2018)
- New-generation FTAs offer FDI firms more rights in Vietnam (31/10/2018)
- Foreign firms shift to Vietnam due to US-China trade war (31/10/2018)
- Key infrastructure projects calling for investment in HCMC (08/07/2019)
- Bac Ninh licenses 116 FDI projects in seven months (22/08/2018)
- Binh Phuoc licenses 24 projects worth $1 billion (22/08/2018)
- Hue targets $56mil in investment this year (15/08/2018)
- Hanoi seeks approval for Vingroup’s $300 million IT park (31/07/2018)
- List of Project Calling For Investment in Lam Dong Province in 2018 (31/07/2018)
- Kien Giang calls for investment in 12 resort projects (31/07/2018)
- Decree amendments open paid TV firms to foreign investment (30/07/2018)
- Vietnam: Opportunities in the Waste-to-Energy Sector (24/07/2018)
- Can Tho City seeks investment for 54 projects worth $5.4 billion (20/07/2018)
- Hoa Lac High-tech Park aims for $1 billion investment in 2018 (19/07/2018)
- Large-scale undersea tunnel to be constructed next year (19/07/2018)
- Map of industrial parks in Vietnam (23/07/2019)
- 493 Projects Invested in Nghi Son Economic Zone and Industrial Zones (09/02/2018)
- Thai Binh Strives to Attract Investment Capital of VND 5000 billion in Industrial Parks and Economic Zones (07/02/2018)
- Vinh Phuc Adds 4 New FDI Projects in Industrial Zones (07/02/2018)
- Dung Quat EZ and Quang Ngai IPs Attracted 258 Projects with a Total Investment Capital of More Than US$ 11 Billion (30/01/2018)
- Solutions to attract Investment Capital into Industrial Parks in Bac Giang Province (19/01/2018)
- Nghi Son Economic Zone and Industrial Zones Received 66 new Investment Projects (08/01/2018)