Dragon Capital fund to buy more than 2.8 million ACB shares

Tuesday, Oct 13, 2020 08:15

A transaction office of Asia Commercial Bank (ACB) in Ha Noi. — Photo vietnambiz.vn

DC Developing Markets Strategies Public Limited Company (DCDMSPLC), a member fund of Dragon Capital fund group, has registered to buy more than 2.8 million shares of Asia Commercial Bank (ACB).

The transaction is expected to be conducted from October 12 to November 10, via order matching or put-through method.

This fund currently does not own any ACB shares. If the transaction is successful, the fund will hold 0.13 per cent of the bank’s charter capital.

Closing Monday, ACB shares reached VND23,600 per share, up 36 per cent compared to the end of July. It is estimated that at this price, Dragon Capital’s member fund will have to spend more than VND66 billion (US$2.8 million) for the purchase.

Two other member funds of Dragon Capital, First Burns Investments Limited and Asia Reach Investments, have also registered to sell 46.6 million ACB shares.

First Burns Investments Limited plans to sell more than 32.9 million shares and Asia Reach Investments Limited plans to sell 13.7 million shares. The transactions will be conducted via order matching or put-through method from October 9 to November 6 this year.

After the sale, First Burns Investments Fund will reduce its ownership in ACB from 4 per cent to 2.48 per cent. Meanwhile, the ownership rate of Asia Reach Investments Limited will decrease from 3.15 per cent to 2.51 per cent.

Director of Dragon Capital Dominic Scriven is also a Member of the Board of Directors of ACB.

The bank is preparing procedures to transfer listing from the Ha Noi Stock Exchange (HNX) to the Ho Chi Minh City Stock Exchange (HOSE) in November this year. — VNS

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