VNPT will sell nearly 71.6 million shares of Maritime Bank on March 10. — Photo cafef.vn

HA NOI — The Viet Nam Post and Telecommunications Group (VNPT) will sell nearly 71.6 million shares of Maritime Bank at an initial price of VND11,900 (US$0.5) per share on March 10.

VNPT, which is currently one of the major shareholders of Maritime Bank with more than 6 per cent of the bank’s stake, has to divest capital from the bank to meet the Government’s guidelines on divestment from non-core businesses.

Last year, VNPT general director Pham Duc Long said his group had mainly completed divestment from non-core businesses as per approved plans.

By the end of 2016, VNPT divested its capital at 16 enterprises with value of VND602 billion out of over VND2 trillion investment capital.

Maritime Bank, so far, plans to list all 1.175 billion shares on UPCoM this year. — VNS