OTC / IPO NEWS Vietcombank delays listing plan to Q3 | Vietcombank delays listing plan to Q3 |
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The Bank for Foreign Trade of Vietnam (Vietcombank) has decided to list on the bourse in the third quarter of the year instead of June as previously planned, due to unfulfilled procedures.
Nguyen
Hoa Binh, Chairman of Vietcombank, confirmed the information yesterday,
denying the opinion that Vietcombank was delaying its plan to list on
the bourse because it anticipated the failure of the listing plan in
the context of the continued market falls.
Binh stressed that tardiness in fulfilling procedures for listing on the bourse has forced the bank to delay the plan.
“We
well understand that there are difficulties for us to list at this
moment. Investors do not want to see the IPO average price lower than
the listing prices. However, I think that listing on the bourse is a
must. We don’t want to break our promises many times,” Binh said.
Vietcombank
has not set up the floor entrance price. The IPO average price of
VND107.860/US$1 only serves as a number for the bank’s reference.
On
June 2, six months after Vietcombank made IPO, the bank officially
shifted to operate as a joint stock bank with the chartered capital of
over VND12tril.
In
January, leaders of the bank firmly stated that Vietcombank would list
on the bourse in June 2008, even if it still had not found strategic
partners by that time
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