Military Commercial Joint Stock Bank (MB, ticker MBB) has named the buyers for the last private placement in its 2026 capital-raising plan. Under Resolution No. 96/NQ-MB-HĐQT dated November 10, 2026, MB plans to sell 200 million shares to six professional securities investors at VND 15,090 per share, raising about VND 3,018 billion.Người Quan SátThời báo Tài chính
That price is about 21.4% below MBB's November 12 close of VND 19,200. In return, the six institutions cannot sell the shares for five years. Shareholders who are not on the list will see their stake shrink slightly once the sale is done, though the bank itself is trading well: standalone pre-tax profit in the third quarter came to VND 10,330 billion, up 42.5% from a year earlier.Người Quan Sát
Six buyers and their allocations
The first thing to look at is how the shares are split. According to Người Quan Sát, the allocation is:Người Quan Sát
- Truong Son Construction Corporation: 50 million shares, about VND 754.5 billion. This is Corps 12, a construction company under the Ministry of Defense.Thời báo Tài chính
- Vietcombank: 46 million shares, about VND 694.14 billion. It is already a shareholder in MB and is adding to its position.
- SCIC (State Capital Investment Corporation): 32 million shares, about VND 482.88 billion.
- Viettel: 27 million shares, about VND 407.43 billion.
- Ho Chi Minh City State Financial Investment Company (HFIC): 25 million shares, about VND 377.25 billion.
- Dong Bac Corporation: 20 million shares, about VND 301.8 billion. It is a defense-economy enterprise under the Ministry of Defense, focused on coal mining.Tạp chí Công Thương
All six are domestic institutions. That fits what MB Chairman Luu Trung Thai said at the April 18, 2026 annual general meeting: for the private placement, the bank would look for domestic partners with financial strength and the ability to link up with members of its ecosystem, without ruling out existing shareholders.Thị trường Tài chính Tiền tệ At the same meeting, Mr. Thai said MB is keeping its foreign room closed and has no plan to loosen it. After the sale, the foreign ownership cap stays at 23.2351% of charter capital.Thị trường Tài chính Tiền tệ
Viettel stands out for a different reason. It is MB's largest shareholder and is still buying 27 million shares, yet its stake edges down from 14.702% to 14.679%. The arithmetic is simple: 27 million shares are only about 13.5% of the offering, below the 14.7% Viettel already holds. SCIC, by contrast, buys a larger share than it holds today, so its stake rises from 9.831% to about 9.95%.Thời báo Tài chính
Viettel's outlay this time is also smaller than the VND 1,184 billion-plus figure that appeared in some earlier headlines. That amount belonged to the 10:1 rights offering to existing shareholders at VND 10,000 per share, carried out in August and September.VietnamFinance
Where the VND 15,090 comes from
The offer price is set at book value on MB's standalone financial statements as of September 30, 2026.Thị trường Tài chính Tiền tệ Put differently, the six institutions pay exactly the equity that each MB share represents on the bank's books at the end of the third quarter.
The size of the sale equals the maximum the shareholders approved. At the April 18 meeting, MB shareholders approved raising charter capital from VND 80,550 billion to as much as VND 102,687 billion in three steps: a 15% stock dividend, a share sale to existing holders at VND 10,000, and a private placement of up to 200 million shares. The first two steps are done, lifting charter capital to about VND 100,687.5 billion. The placement is the last step and, if fully sold, takes charter capital to VND 102,687.5 billion.CafeF
Against the trading board, the price is about 21.4% below the market, or, the other way round, the VND 19,200 close sits roughly 27% above the offer price. That gap comes with a hard condition: the new shares are restricted from transfer for five years from the end of the offering.CafeF If the sale closes in the fourth quarter of 2026 as planned, the six institutions must hold until around the end of 2031. A buyer on the exchange can sell after T+2. The six cannot, whether the price rises or falls.
Where the VND 3,018 billion goes
Most of the money does not go into lending. Under MB's plan, about VND 2,568.5 billion, or roughly 85% of proceeds, goes to investment in assets that expand business capacity, including IT hardware and software. The remaining VND 449.5 billion tops up lending capital.Thị trường Tài chính Tiền tệ Disbursement is planned from the fourth quarter of 2026 to the fourth quarter of 2027.CafeF
The order of priority runs the other way. If proceeds fall short of the full plan, MB will top up lending capital first and invest in assets afterward.Thị trường Tài chính Tiền tệ In other words, the technology spending is funded in full only if the sale succeeds in full.
Set against MB's size, VND 3,018 billion is small. Consolidated total assets at the end of the third quarter of 2026 came to nearly VND 1.84 quadrillion.Thị trường Tài chính Tiền tệ The significance of the deal therefore lies in who becomes a shareholder and what the money is used for, more than in the amount raised.
What MBB holders will see
Shares outstanding will rise from about 10.07 billion to about 10.27 billion, matching a VND 2,000 billion increase in charter capital.Thời báo Tài chính The new shares will make up about 1.95% of the total after the sale. Anyone who does not buy more will see their stake fall by that amount: a holder with 1% of MB would end up with about 0.98%.
Two large shareholders sit out the sale: Tan Cang Sai Gon Corporation and Vietnam Helicopter Corporation. Because they are not on the buyer list, their stakes will fall by the same mechanism as small holders'.Thời báo Tài chính
Book value tells a different story from ownership percentages. When new shares are sold at exactly book value per share, the added equity matches the added share count, so book value per share as of September 30 stays almost unchanged. What existing holders give up sits in the gap between the offer price and the market price: buyers on the exchange are paying about 1.27 times standalone book value per MBB share, while the six institutions pay 1.0 times, with a five-year lock-up attached. At 1.95% of shares, that gap has a small effect per share, but it is still a transfer of value from existing shareholders to the new buyers.
The number of shares each party actually buys will follow the purchase contract between MB and each investor.Thị trường Tài chính Tiền tệ If an institution does not take its full allocation, the board may sell the remainder to other professional securities investors, provided the price follows the approved plan.Thời báo Tài chính
What comes next
The sale has not taken place yet. MB will proceed only after the State Securities Commission confirms it has received the offering registration file, and the exact timing is up to the board depending on market conditions.Thời báo Tài chính Separately, the bank plans to redeem early two bond lots, MBBL2431023 and MBBL2431024, issued at VND 50 billion and VND 100 billion, on December 21, 2026.CafeF
For MBB holders, the roughly 1.95% dilution has been priced in since shareholders approved the plan in April, so the November 10 resolution does not change the numbers much. What it adds is the identity of the buyers: six domestic institutions, mostly state-owned and military-linked enterprises, committing to hold for five years. The signal worth watching is the report on offering results once the sale ends. If all six take their full allocation, MB's core shareholder base firms up as the resolution describes. If the board sells the remainder to others, that list will show who the bank's new shareholders are.