The Bank for Investment and Development of Viet Nam (BIDV) has announced that it will decide and make public its strategic investors on August 15, 2007.
The announcement will come ahead of the run up for its initial public offering (IPO) that is scheduled for the fourth quarter of this year and is part of an equitsation consultation contract it signed with Morgan Stanley in Ha Noi on July 11.
BIDV General Director Tran Bac Ha said that it is likely his bank would ask more than one strategic investor to come onboard but they wouldn't be entitled to preferential stock prices and may even be ased to offer higher bids than the average share price at the IPO.
Under the contract, which will run until September this year, Morgan Stanley will provide BIDV with consultancy on designing and implementing the equitisation plan, evaluating the business, selecting and selling stakes to strategic investors, while preparing the IPO and listing both inside and outside the country.
By the end of June, BIDV’s assets had surged to 200 trillion VND (approximately 12.5 billion USD) and it had slashed its bad debt ratio from 9.6 percent to 4.46 percent.
Source: VNA
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