A one-month-old business in Ho Chi Minh City is estimated to have spent approximately US$51.27 million acquiring shares of Vietnam International Commercial Joint Stock Bank (VIB).

In a report submitted to the State Securities Commission of Vietnam, Unicap Joint Stock Company announced its successful purchase of over 66.7 million shares of VIB during the trading session on September 24. 

Prior to this transaction, Unicap held no shares in VIB. 

With this large purchase, the company has increased its ownership in the bank to 2.241 percent.

The report also indicated that two individuals associated with the company -- Nguyen Thuy Nga, chairwoman and general director of Unicap, and Tong Ngoc My Tram, a member of the Board of Directors -- hold 1.945 percent and 3.285 percent at VIB, respectively. 

Together, Unicap and these individuals now own a total of 7.91 percent, or more than 235 million shares, at the lender.

Closing the session on September 24, VIB’s market price was VND19,100 ($0.77), suggesting that Unicap spent approximately VND1.27 trillion ($51.27 million) on this share acquisition.

On the same day, foreign shareholder Commonwealth Bank of Australia announced the successful sale of 148 million VIB shares on September 26, reducing its ownership from 19.74 percent to 14.78 percent.

Following these substantial transactions, VIB updated its report on shareholders holding more than one percent of the bank’s capital, including the addition of Unicap to the list.

Unicap was established on September 4, and has now been operating for just one month. 

Headquartered in District 1, Ho Chi Minh City, the company primarily engages in food wholesale, with Nguyen Thuy Nga serving as chairwoman and legal representative.

As for VIB, the bank recently released its audited semi-annual report, revealing an after-tax profit of VND3.684 trillion ($148.73 million) for the first half of the year, an 18-percent decline year-on-year. 

This decrease is partly attributed to a reduction in net interest income and a 35-percent year-on-year increase in credit risk provisions, which reached VND2.075 trillion ($83.77 million), significantly impacting VIB’s profitability.

As of June 30, VIB’s total assets exceeded VND430.962 trillion ($17.4 billion), reflecting a five-percent increase since the beginning of the year. 

Outstanding loans to customers amounted to over VND278.9 trillion ($11.26 billion), rising by only 4.7 percent compared to the start of the year, which is lower than many other banks.

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