Over 2.3 billion shares of Bank for Investment and Development of Vietnam (BIDV) were not listed on the Hochiminh Stock Exchange (HSX) in the third quarter as planned as the starting price had not been set.
This is the second time that BIDV had missed the listing schedule. Early this year, BIDV chairman Tran Bac Ha said the bank would list shares in June, but the listing was then delayed until the third quarter.
On September 28, BIDV’s application of listing over 2.3 billion shares received approval from HSX. However, the southern bourse has yet to issue a listing decision as the bank needed to complete some more details.
Speaking to the Daily, Tran Thi Anh Dao from HSX said BIDV needed to add the starting price. “When the bank has the debut share price, we will issue the official listing decision” she said.
“The listing date will be chosen by BIDV but must be listed within 90 days after getting the listing decision of HSX.”
According to stock experts, one factor which hinders BIDV’s share listing is the current poor state of the market.
The average share price obtained in the initial public offering (IPO) of BIDV on December 28 last year was VND18,583 per share, VND83 higher than the price asked by the bank. Experts said that in the current market conditions, it is not easy for BIDV to secure a share price above VND18,583.
BIDV’s shares which will be listed are ordinary ones with a face value of VND10,000 per share.
Previously, the Vietnam Securities Depository (VSD) issued the listing certificate 18/2012/GCNCP-VSD and the stock code BID for BIDV. HSX said to receive the listing application of the bank on May 25.
The Saigon Times Daily