Dragon Capital's fund group has just announced that it has bought 1.25 million STB shares of Saigon Thuong Tin Commercial Joint Stock Bank - Sacombank on March 10. After this transaction, Dragon Capital raised its ownership rate in Sacombank from 4.98% to 5.05%, thereby officially becoming a major shareholder of this bank. Temporarily calculated at the closing price, the amount of money Dragon Capital spent is nearly 40 billion dong.
In particular, at present, Dragon Capital is also the only official major shareholder of Sacombank. According to the bank's management report, Chairman Duong Cong Minh is the insider with the largest ownership rate of this bank with 3.3% of the shares. Mr. Minh's family members are also only in the name of 0.6% of the bank's capital.
In 2021, Sacombank's pre-tax profit reached VND 4,400 billion, an increase of more than 30% compared to the same period last year. At a bank event at the end of December 2021, Mr. Duong Cong Minh was confident that Sacombank would complete the restructuring roadmap this year even though the deadline in the State Bank's project is 2025.
Currently, this bank has not announced the business plan as well as the contents to be submitted to shareholders for approval in the 2022 annual general meeting. The upcoming Shareholders' meeting of Sacombank is of interest to investors when It is expected to elect a new Board of Directors because the old leadership has completed the 2017-2021 term.
The new shareholder structure and management of Sacombank may witness a change as there are still more than 32% of Sacombank's shares as collateral for debts related to the group of shareholders Mr. Tram Be which is being managed by VAMC.
According to Mr. Minh, when the restructuring is completed, Sacombank may sell shares to foreign investors. However, the handling of the above shares still depends on the opinions of the State management agencies.
In the session of March 10, Sacombank's STB shares increased slightly to 31,550 VND/share. Over the past 12 months, this stock has increased in price by nearly 70%. Sacombank's current capitalization is more than 58,600 billion VND, equivalent to 2.6 billion USD.
