The Military Commercial Joint Stock Bank is now the sixth largest bank by assets in Viet Nam. — Photo cafef.vn

HA NOI ( Biz Hub) — The Military Commercial Joint Stock Bank (MBB) offloaded its entire 390.6 million shares in a public offering in September.

The bank announced on Sunday that the sale went better than expected.

The shares were set at a starting price of VND10,000 (US$0.44) each from September 1 to September 19, and were purchased at prices from VND10,500 ($0.47) per share to VND11,665 ($0.52).

MBB received VND4.28 trillion ($190.41 million) in total, pushing its capital up to VND16 trillion ($711.84 million).

According to local media, MBB is now the sixth largest bank by assets in Viet Nam.

Aside from four existing shareholders who bought shares, State Capital Investment Corporation (SCIC), a new investor, purchased 160 million shares or 10 per cent of the bank. SCIC become the second largest shareholder after Viettel, which bought an additional 60.8 million shares, bringing its total holdings in MBB to 240 million shares or a 15 per cent stake.

Viettel Import Export Limited Company (Viettelimex) bought another 26.68 million shares, bringing its total to 74.2 million 4.64 per cent of MBB. Saigon Newpport Corporation bought another 71.4 million shares, bringing its total to 122.4 million or 7.65 per cent.

Existing shareholders in Maritime Bank and Vietcombank did not participate in the offering, which caused Maritime Bank's holdings in MBB to fall from 12.06 per cent to 8.84 per cent and Vietcombank's holdings to fall 9.6 per cent to 7.16 per cent.

MBB's shares ended at VND15,300 ($0.68) on the HCM City Stock Exchange yesterday. — VNS