25.01.2021, 08:57

Bao Minh Insurance plans to divest from MBB

Bao Minh Insurance plans to divest from MBB

Bao Minh Securities Corporation (BMI) has registered to sell all of its shares in Military Commercial Joint Stock Bank (MBB), according to an announcement from the HCM City Stock Exchange (HoSE).

BMI is holding 1.242 million shares of MMB. The trading method will be matching orders or negotiation. The deal is expected to begin from January 20 to February 18.

Vu Thai Huyen, chairman of the board of BMI, is a member of the board of MBB.

On the southern bourse, MBB declined 2.06 per cent to end Monday at VND26,200. But since the beginning of 2021, MBB share price increased by nearly 9.4 per cent. With the current price, BIM can earn more than VND32.5 billion from the deal.

In the third quarter, MBB reported an increase of 6.1 per cent year-on-year to more than VND6,735 trillion in revenue. The bank’s profit after tax rose 8.3 per cent to VND2.357 trillion. In the first nine months of last year, the profit after tax climbed 6.4 per cent year-on-year to nearly VND6.332 trillion.

This article was originally published in VNS