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INVESTMENT

Foreign investors change hands 1.35 million shares of Warburg-backed Techcombank

Updated at Wednesday, 05 Sep 2018, 17:08
The Hanoitimes - The said amount in transactions was expected to total VND355 billion (US$15.24 million) or VND26,300 (US$1.13) apiece under the current market price recorded by the end of August.
Foreign investors transferred 1.35 million shares of Techcombank, backed by global private equity fund manager Warburg Pincus on August 31, according to the Vietnam Securities Depository (VSD). 
 
Illustrative photo.
Illustrative photo.
On August 31, Deutsche Bank AG London transferred 750,000 shares of Techcombank to British Columbia Investment Management Corporation. 

Additionally, Forum One - VCG Partners Vietnam Fund moved 300,000 shares each to Vietnam Growth Stock Income Mother Fund and Seahedge Philippines Fund on the same day. 

The said share amount in transactions was expected to total VND355 billion (US$15.24 million) or VND26,300 (US$1.13) apiece under the current market price recorded by the end of August. 

Deutsche Bank previously sold 8.75 million shares of Techcombank worth VND232 billion (US$10 million) to nine foreign investors, including Grandeur Peak Emerging Markets Opportunities Fund; Grandeur Peak Global Reach Fund; Grandeur Peak International Opportunities Fund; Grandeur Peak Global Opportunities Fund; Grandeur Peak Global Opportunities, L.P. ; Grandeur Peak Global Stalwarts Fund; Grandeur Peak International Stalwarts Fund ; Ensign Peak Advisors INC; Grandeur Peak International Stalwarts, L.P.

Techcombank saw its pre-tax revenue climb 90% year-on-year to VND5.2 trillion (US$223.4 million) in the first half of 2018, according to the statement. This resulted in the bank's all-time high after-tax profit of VND4.15 trillion (US$178.3 million), according to the report.

Contributing to the bank's high profit was the net fee and commission income of VND1.18 trillion (US$50.69 million), up 8% year-on-year, while irregular income from debt settlement reached VND1.36 trillion (US$58.46 million). 

Additionally, income from early settlement of Vietnam Asset Management Company (VAMC)'s bonds and recovery of loans previously written-off also attributed to Techcombank's high growth rate in profit, according to the report. 

In early March, Warburg announced a US$370 million-investment in Techcombank, marking the largest-ever private equity investment in Vietnam to date. The transaction, which was made through two separate legal entities managed by Warburg Pincus, brings Warburg's total commitment in the country to over US$1 billion.
 
Techcombank is 14.99% owned by Masan Group, while foreign investors own 22.5% of the bank's chartered capital, albeit each owns less than 5%. Dragon Capital, Capital Group, Clermont Group, Singaporean wealth fund GIC and Fidelity are among shareholders of the bank.
Hai Yen
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