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Novaland backs out of Sacombank restructuring project

时间:2024-03-28 22:45:38  来源:http://turincondeluz.com  阅读:

Novaland backs out of Sacombank restructuring project

Sacombank is due to organise its annual general shareholders’ meeting in April  二 八. — Photo vneconomy

HÀ NỘI — Novaland Group (NVL) on Wednesday said it would not participate in the restructuring of Saigon Co妹妹ercial Joint Stock Bank (Sacombank) as planned previously, Thời báo Kinh tế Việt Nam (Vietnam Economic Times) has reported.

In December  二0 一 六, NVL had sent a letter to the SBV, expressing interest in participating in the restructuring of Sacombank.

As per NVL’s submission, the firm and its chairman of board of directors Bùi Thành Nhơn proposed to acquire  二0 per cent stake in Sacombank, equivalent to  三 六0. 七 million shares of the bank.

Sacombank’s charter capital is currently VNĐ 一 八.0 三 六 trillion. The market price of Sacombank shares as on March  二 四 was VNĐ 一 一, 四00 per share, which means that NVL will have to spend VNĐ 四. 一 一 二 trillion on this acquisition.

Explaining for the withdrawal, Nhơn said during the time waiting for the State Bank of Việt Nam (SBV)’s approval, a lot of negative information arose that was unfavourable to NVL.

Restructuring Sacombank is a difficult task, which requires a lot of effort, money, time, transparency and determination as well as support from the central bank and the Government, he said.

Novaland backs out of Sacombank restructuring project

According to Sacombank’s financial reports, its non-performing loan ratio at the end of  二0 一 六 stood at  五. 五 三 per cent of the bank’s total outstanding loans.

Recently, there have been reports that heavyweights such as New York-based investment bank Evercore Group, M A consulting firm Redsun Capital Limited and Đặng Văn Thành, president of Thành Thành Công Group (TTC), would likely participate in the restructuring of Sacombank. 

Sacombank is due to organise its annual general shareholders’ meeting in April  二 八.

The central bank has so far also required Sacombank to complete its management and administrative structure; continue implementing restructuring solutions to guarantee the rights and benefits of depositors; stabilise operations; and make sure its financial system is secure.

NVL has VNĐ 七 trillion in charter capital, and  五,000 employees. The group currently operates two core businesses: real estate (NovaLand) and agriculture (Anova Corp). The capitalisation value of NVL is VNĐ 四0. 六 六 六 trillion, based on its share price on March  二 四. The company’s shareholders include many foreign investment funds, including the Singapore government’s GIC. — VNS

 

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