Market price is not as expected, Eximbank has not sold treasury stocks

Vietnam Export Import Commercial Joint Stock Bank (Eximbank - HoSE: EIB) has just announced unusual information about treasury stock trading results.

Accordingly, this bank sold 0 treasury shares during the registration period from January 15 to February 7 because the market price did not meet expectations compared to the target selling price. Specifically, during this period, EIB shares had many fluctuating sessions, with the market price ranging from VND18,700 to VND20,200 per share.

However, this stock did not have any session closing higher than the average target price previously announced by the bank of VND20,199/share (calculated based on the average mobilization interest rate from 2014 to 2023).

EIB stock price movements in the past 3 months (Photo: FireAnt).

Previously, on January 3, the bank announced the Resolution of the Board of Directors approving the implementation of the plan to sell nearly 6.1 million treasury shares for the purpose of supplementing business capital.

Before the transaction, Eximbank owned nearly 6.1 million shares. These are all treasury shares that Eximbank is holding, purchased from January 2, 2014 to January 16, 2014.

The expected transaction time is after the State Securities Commission announces the receipt of the full report on the sale of treasury stocks and Eximbank publishes information as prescribed. The transaction period shall not exceed 30 days from the date of commencement of the transaction.

The expected stock sale transaction will take place with the selected method of matching orders on HoSE. The number of daily buy/sell orders is as prescribed in Clause 3, Article 8, Circular 123 of the Ministry of Finance .

Specifically, in each trading day, the total selling volume must be at least 3% and at most 10% of the total registered trading volume. The selling price is determined according to the market price, in compliance with the regulations of the Ministry of Finance and the regulations of HoSE.

On the stock market, in the morning trading session on February 21, EIB shares were fluctuating around VND 18,750/share with a trading volume of more than 8.5 million units .

Source: https://www.nguoiduatin.vn/gia-thi-truong-khong-nhu-ky-vong-eximbank-chua-ban-duoc-co-phieu-quy-a650587.html