Vietnam's Saigonbank has 5th major shareholder

Real estate firm Dai Cat JSC has completed the acquisition of an additional 16.75 million shares of Saigon Bank for Industry and Trade (Saigonbank), becoming its fifth major shareholder.

The company spent VND201 billion ($7.92 million) on the deal, purchasing Saigonbank shares at a price of VND12,000 ($0.47) apiece on January 8.

Following the acquisition, Dai Cat JSC now holds over 33.5 million Saigonbank shares, increasing its stake in the lender from 4.94% to 9.89%.

Registered on the Unlisted Public Companies Market (UPCoM) as SGB, Saigonbank announced in June that its four major shareholders were the Ho Chi Minh City Party’s Committee Office with an 18.18% stake, Phu Nhuan Cotraco Co., Ltd with 16.64%, Saigon petro with 14.08%, and Ky Hoa Tourist with 16.35%.

With this acquisition, Dai Cat JSC has become the fifth major shareholder of SGB.

Notably, 95% of Dai Cat JSC is owned by Nguyen Kim Investment and Development JSC, a company founded by Nguyen Van Kim. Kim established the renowned Nguyen Kim electronics retail chain, which was fully acquired by Thailand's giant Central Retail Corp in 2020.

According to Saigonbank's report, it had total assets of VND31.7 trillion ($1.25 billion) as of end-September 2024. In the first nine months of last year, the lender posted VND332 billion ($13.08 million) in net profit, down 5% year-on-year.