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. — Photo vinacorp

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

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 organised on December 2 at the Vietcombank Securities Company. Sai Gon 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 tourism company in Viet Nam, Sai Gon Tourist received 2.15 million tourists, reaching revenue of VND16.36 billion ($727 million) in 2014.

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