Asia Commercial Bank (ACB) has registered to sell its entire stake at Thuy Ta Joint Stock Company (TTJ), a 65-year-old ice-cream company in Ha Noi.

Accordingly, ACB would sell 300,000 shares of TTJ, equivalent to 10 per cent of TTJ’s charter capital. At TTJ’s price of VND38,600 (US$1.7) per share traded on Tuesday, ACB would collected more than VND11.5 billion from the deal. During the last week, TTJ’s share price was up by 40 per cent.

The divestment aimed to restructure ACB’s investment portfolio.

The transaction would be conducted from March 30 to April 18.

TTJ, founded in May 1958, is known for its Thuy Ta ice-cream brand. The company owns four restaurants in prime locations in the centre of Ha Noi, including Thuy Ta Cafe, Dinh Lang Restaurant, Mamarosa Restaurant and Long Van Restaurant.

TTJ has not announced its business results in 2018.

The company targeted to earn revenue of nearly VND121 billion in 2018, a rise of 16.5 per cent over 2017, and pre-tax profit of VND9.53 billion, up by 31.3 per cent. — VNS