EVN will sell its stake in ABBank next month. Photo credit: VnEconomy
State-owned Electricity of Vietnam has announced that it will sell all of its 16.2 percent stake in An Binh Commercial Joint Stock Bank next month, news website VnEconomy reported on Tuesday.
Nearly 81.6 million shares will be put up for auction on October 14, with price starting at VND10,000 (43 US cents) each.
The sale is part of EVN's divestment plan from non-core business sectors as being ordered by the government a few years ago.
The company is now the second largest shareholder in the bank, better known as ABBank, after Malaysian-owned Maybank which owns a 20 percent stake and International Finance Corporation, which owns 10 percent.
ABBank's total assets were estimated at over VND65.65 trillion ($2.87 billion) as of June 30, up 10 percent from a year ago.
Its non-performing loans were equivalent to less than 3 percent of its total loans.
The bank's pre-tax profits were more than VND179 billion ($7.82 million), up 15 percent from the same period last year.