Rox Key Holdings (Ticker: TN1) announced its resolution to sell over 24.2 million shares of Maritime Bank (MSB – Ticker: MSB) for restructuring investment purposes. The transaction will be executed through negotiation from March 6 to March 15, 2025, with the buyer being unaffiliated with Rox Key Holdings. Currently, Rox Key holds 63.2 million shares of MSB, equating to 2.43% ownership; if the sale succeeds, this will drop to 1.5%. Rox Key Holdings is related to Trần Xuân Quảng, Vice Chairman of MSB’s Board. The financial report indicates that the book value of the MSB investment is 628 billion VND. The company is also mortgaging MSB shares for various loans and bonds. As of March 4, MSB shares closed at 11,400 VND/share, making the sale’s estimated value over 275 billion VND.
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