MobiFone registers to sell nearly 9,000 SSB shares, stepping out of SeABank

SeABank is among top 12 banks with the largest capitalization on the stock market

MobiFone has just announced selling its 8,781 SSB shares with a face value of VND87.81 million ($3.811).

The shares are offered for sale in the form of continuous order matching at the Ho Chi Minh City Stock Exchange from June to December 2021. The starting price is VND40.050 a share ($1.74).

The above shares are dividends MobiFone received after divesting from SeaBank in February 2018. At that time, MobiFone successfully auctioned more than 33.4 million SSB shares with an average price of VND9,978 ($0.43) a share, earning more than VND333.49 billion ($14.48 million).

Notably, compared to the time when MobiFone divested from SeABank three years ago, SSB's stock price has increased four times.

On March 24, SeABank stock was officially listed and traded on HoSE. On March 31, it had six consecutive ceiling-hitting session up to VND28,150 ($1.22) a share, bringing the bank's market capitalization to more than VND34,026 billion ($1.48 billion).

At the end of the first quarter, SeABank reported a pre-tax profit of VND698.3 billion ($30.3 million), 2.3 times higher than the same period of 2020.

As of March 31, SeABank total assets reached VND184.3 trillion ($8 billion), up 24 per cent, of which customer loans increased by 14.3 per cent to VND111.1 trillion ($4.8 billion). Deposits from customers grew by 16.8 per cent at VND115.2 trillion ($5 billion) compared to the end of last year.

At the 2021 annual general meeting of shareholders, SeABank approved targets of VND198.2 trillion ($8.6 billion) in total asset, up 10 per cent, of which customer loans increased by 13 per cent to VND122.98 trillion ($5.3 billion), deposits from customers grew by 9.7 per cent at 124.3 trillion ($5.4 billion) compared to last year.

The bank targeted VND2.4 trillion ($104.2 million) and VND1.93 trillion ($83.77 million) in pre- and after-tax profit, up 39.6 per cent and 42 per cent, respectively, compared to the results from 2020. The bad debt ratio is less than 3 per cent.