Hanoi-based fledgling firm spends $12.3 mln on buying 17.2 mln shares of lender VIB

Hanoi-based Quang Kim Development and Investment JSC acquired 17.2 million shares of Vietnam International Commercial Joint Stock Bank (HoSE: VIB) on Monday.

After the transaction, Quang Kim, which was established on May 23, 2024, raised its holding in the bank to 0.577% from the previous zero, it said in a filing to the Ho Chi Minh Stock Exchange.

Based on the closing price of VND18,200 ($0.72) on Monday (November 11), Quang Kim is estimated to have spent VND313 billion ($12.33 million) on the shares.

Quang Kim and affiliated persons now hold 293.02 million VIB shares, or a 9.836% stake, among the mid-sized private lenders in Vietnam.

Do Xuan Ha, general director and legal representative of Quang Kim, is the younger sister of Do Xuan Hoang, a board member at VIB.

As of August 2024, Hoang held 125.5 million VIB shares, or a 4.949% stake. Do Xuan Thu, Hoang and Thu’s father, had a 1.277% stake. Hoang’s three children held a combined 71.86 million VIB shares.

Meanwhile, the Commonwealth Bank of Australia (CBA) on October 29 sold 300 million VIB shares, cutting its holding in the Vietnamese bank to 140.21 million shares, or a 4.7% stake, from the earlier 14.78%.

According to the update on shareholders holding 1% or more of VIB's charter capital, announced by the bank in early August, CBA was the largest shareholder with a nearly 19.84% stake.

VIB earned an audited consolidated net profit of VND5.28 trillion ($208 million) in the first nine months of this year, down 20.67% year-on-year. Its total assets value rose 8.66% from the end of 2023 to VND445.38 trillion at the end of September.

VIB shares closed down 0.27% to VND18,150 ($0.71) apiece on Friday.