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ANZ won’t sell STBs   2008-11-10 - TBKTVN

Dang Van Thanh, Chairman of the Board of Directors of Sacombank has denied the rumour that Sacombank’s foreign partner, ANZ, will sell Sacombank’s shares (STB).


A Sacombank's branch
The rumour about ANZ’s sale of STB has spread after Sacombank announced it would buy back 25 million STB shares, or 5% of the bank’s chartered capital.

Dang Van Thanh, Chairman of the Board of Directors of Sacombank, said that under the agreement signed between ANZ and Sacombank, the foreign partner must inform Sacombank in advance if it plans to sell STB. However, to date, ANZ has not mentioned the sale of STB shares.


Thanh said that this spells that ANZ does not have the intention to sell shares in STB.


“Under the regulations stipulated in the Ministry of Finance’s Circular No. 38 dated April 18, 2007, internal and large shareholders must register the sale of stocks to the HCM City Stock Exchange and must expose the information in accordance with the current laws.”


“The rumour about ANZ’s sale of STB shares proves to be unreliable, and investors should keep wary over the information in order to avoid losses,” Thanh said.


Thanh said that the plan by Sacombank to purchase 5% of stocks aims to help stabilize the stock market and protect the rights of investors.

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