Vietnamese construction and real estate company Thaiholdings said it has registered to sell all 22.4 million shares of lender LienVietPostBank to restructure its portfolio.
The transaction is scheduled to take place between Nov. 4 and Dec. 3 through order matching and put-through orders.
With the LienVietPostBank (LPB) share trading at VND21,150 ($0.9) on Nov. 1, down nearly 30 percent against June. 3, Thaiholdings will get nearly VND474 billion if it successfully sells all the shares.
In late October, State Securities Commission, Vietnam’s stock market watchdog, fined Thaiholdings to the tune of VND260 million for buying over 145,000 LPB shares in May and selling nearly 720,000 LPB shares in June without publicizing its plans regarding the two transactions in advance as stipulated.
Nguyen Duc Thuy, Thaiholdings’ founder, is LienVietPostBank vice chairman, so the company is subject to publicize its planned share transactions.
Now, the founder of Thaiholdings has no positions in the company, merely owning a 24.5 percent stake in the firm.
LienVietPostBank reported pre-tax profits of over VND2.8 trillion in the first nine months of this year, posting a year-on-year surge of 60 percent. Its total assets stood at more than VND254 trillion.
