Japanese lender reduces stake in Eximbank
In this article (5)
Japanese giant Sumitomo Mitsui Banking Corporation has sold a 10.8% stake in Vietnam’s Eximbank, reducing its ownership to 4.27%.
It sold 132.8 million EIB shares at VND27,750 ($1.18) on January 13, according to a release by the Vietnamese bank.
The value of the deal is estimated at around VND3.4 trillion.
SMBC became a strategic shareholder in Eximbank in 2007, but withdrew its representative in 2019 due to some disagreements.
In February last year, Eximbank pulled the plug on its strategic partnership with SMBC.
On Monday it attempted to organize an extraordinary shareholders meeting to appoint three new directors, but could not get the quorum of 65%.
It is planning for another meeting on February 14.
Questions & Answers
Q.What is Sumitomo Mitsui Banking Corporation's new ownership percentage in Eximbank after the sale?
What is Sumitomo Mitsui Banking Corporation's new ownership percentage in Eximbank after the sale?
After selling a 10.8% stake, Sumitomo Mitsui Banking Corporation's ownership in Eximbank has been reduced to 4.27%. This transaction decreased their previous holding significantly.
Q.When did Sumitomo Mitsui Banking Corporation first become a strategic shareholder in Eximbank?
When did Sumitomo Mitsui Banking Corporation first become a strategic shareholder in Eximbank?
Sumitomo Mitsui Banking Corporation became a strategic shareholder in Eximbank in 2007. However, their relationship soured, leading to the withdrawal of their representative in 2019.
Q.What was the reason for the original disagreement between SMBC and Eximbank?
What was the reason for the original disagreement between SMBC and Eximbank?
The article states that Sumitomo Mitsui Banking Corporation withdrew its representative from Eximbank in 2019 due to some disagreements. The specifics of these disagreements are not detailed in the text.
Q.What is the total value of the stake Sumitomo Mitsui Banking Corporation sold in Eximbank?
What is the total value of the stake Sumitomo Mitsui Banking Corporation sold in Eximbank?
The value of the 10.8% stake sold by Sumitomo Mitsui Banking Corporation, comprising 132.8 million EIB shares, is estimated at around VND3.4 trillion. This was based on a sale price of VND27,750 per share.
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