Golden Field Mỹ Đình, part of the Field project of the MBLand Holdings. — Photo VnEconomy

The Vietnam Helicopter Corporation (VNH) will auction 20.3 million of its shares in property developer MBLand Holdings with the beginning price of 12,366 each on October 26.

According to the Ha Noi Stock Exchange, VNH holds a 31 per cent stake in MBLand Holdings. VNH is expected to collect a minimum VND251 billion from the sale.

MBLand, formerly known as MB Real Estate JSC, was established on January 25, 2008 by two major shareholders, Military Commercial Joint Stock Bank (code: MBB) and VNH.

After nine years of establishment and development, MBLand Holdings now has an ownership capital of VND800 billion, total assets worth VND2 trillion and charter capital of VND653.7 billion.

MBLand Holdings has 18 shareholders, including 12 organisations and six individuals. The main shareholder of MBLand Holdings is MB Bank with the ownership ratio of over 65 per cent, or nearly 42.7 million shares.

In early 2017, it was said that the MB Bank had planned to divest from MBLand Holdings in order to satisfy the Government’s regulation that "banks are not allowed to trade real estate and establish subsidiaries operating in this field”, under the Law on Credit Institutions 2010.

However, MB Bank’s divestment plan has not yet been disclosed. In fact, MBLand’s financial resources for many years have been quite good thanks to the credit support from MB Bank.

MBLand operates mainly in the real estate sector. Some of the company’s projects are MB Grand Tower project and Golden Field project in Ha Noi, Resilient Field project in Cam Ranh and Grand Field project in Long Thanh District, Dong Nai Province.

As of June 30 this year, MBLand has total assets of over VND2.3 trillion. The ownership of foreign investors at MBLand Holdings is zero per cent as of September 19 (while the ownership limit is 49 per cent). — VNS