Tour developer Saigon Tourist will sell 10.7 million shares in Saigon Bank for Industry and Trade (SGB) in December. — Photo brandsvietnam.com

HA NOI (Biz Hub) — Tour developer Saigon Tourist announced the sale of its entire stake in Saigon Bank for Industry and Trade (SGB) in HCM City yesterday.

The company plans to sell more than 10.75 million shares, or a 3.49 per cent stake in the bank at the starting price of VND9,756 (US$0.43) each.

The sale auction will be organized on December 2 at the Vietcombank Securities Company. Saigon Tourist will earn VND105 billion ($4.7million) if the sale is successful.

The tourism company also sold shares of Jetstar Pacific and Tan Son JSC in 2015. Shares of Jetstar Pacific were offered at VND15,000($0.66) each and shares of Tan Son JSC were offered at VND196,000 ($8.7) each.

HCM City-based SGB has total assets of VND16.5 billion ($733.3 million) and plans to increase that to VND19.3 billion ($857.7 million) in 2015.

As the leading toursim company in Viet Nam, Saigon Tourist received 2.15 million tourists, reaching revenue of VND16.36 billion ($727 million) in 2014.

Under the equitisation plan, state-owned Saigon Tourist, has to divest its capital in 31 non-core enterprises by this year end. — VNS