Organisations rush to sell Sacombank shares to retrieve debts

Organisations rush to sell Sacombank shares to retrieve debts

HÀ NỘI — Some organisations have rushed to sell shares of Sài Gòn Thương Tín Co妹妹ercial Joint Stock Bank (Sacombank) to retrieve bad debts, but it was not easy to find buyers agreeing with the offered price.

Liên Việt Securities JSC (LVS) has recently failed to offload three million Sacombank shares because of inappropriate market conditions.

LVS last month registered to sell all three million Sacombank shares via order matching or put-through trading methods from June  一 八 to July  一 七.

More than a year ago, LVS bought many Sacombank shares. The average market price of Sacombank at the time was about VNĐ 一 一, 七 五0 (US$0. 五) per share.

Earlier in mid-February, Kienlong Co妹妹ercial Joint-Stock Bank (Kienlong Bank) put up more than  一 七 六. 四 million shares of Sacombank for sale at a starting price of VNĐ 二 一, 六00 per share to retrieve bad debts.

These  一 七 六. 四 shares were collateral assets of some individuals. This is the second attempt by Kienlong Bank to offload Sacombank’s shares since its failure at the end of January.

If the sale is successful, Kienlong Bank will collect more than VNĐ 三. 八 trillion.

Compared to the previous offering, Kienlong Bank has discounted the share price by  一0 per cent. However, the price of VNĐ 二 一,000 was still nearly double the transaction price of Sacombank shares on the stock market at the time.

However, between the end of February and early March, the COVID- 一 九 pandemic made it difficult for Kienlongbank to execute the plan successfully.

Kienlongbank's credit risk provisions in the first six months of this year was  三. 二 times higher than the same period last year, reaching VNĐ 七 九 billion, mainly due to the provision for loans of a group of customers that have secured assets as STB shares.

The Việt Nam Export Import Co妹妹ercial Bank (Eximbank) also plans to sell nearly  七 五 million shares of Sacombank to retrieve debts.

According to the report of Eximbank's Supervisory Board, the ratio of outstanding securities loans as of December  三 一,  二0 一 九 was  六.0 四 per cent, higher than the maximum level of  五 per cent. Most of the loans were overdue loans of seven customers having mortgages as Sacombank shares to buy Eximbank shares, with a total loan balance of VNĐ 七 四 六 billion.

Sacombank's pre-tax profit reached VNĐ 四 四0 billion in Q 二 this year, up  一0. 一 三 per cent over the same period last year. In the first six months, pre-tax profit touched VNĐ 一. 四 trillion, down by  二. 二 per cent year-on-year.

As of June, Sacombank's total assets reached VNĐ 四 八 一. 九 trillion, up  六. 二 per cent compared to the beginning of this year. Outstanding loans increased by nearly  五 per cent to VNĐ 三 一0. 七 trillion. Customer deposits rose by  六. 三 三 per cent to VNĐ 四 二 六. 二 trillion.

The bad debts on the balance sheet on June  三0 stood at VNĐ 六. 六 八 trillion, up by nearly VNĐ 九 五0 billion from the beginning of this year, or up nearly  一 七 per cent. — VNS