Viettel to Spend VND 1,184B Buying 118M MBB Shares in Rights Issue

Overview

Viettel Group has registered to exercise all rights to purchase over 118.4 million shares of Military Commercial Joint Stock Bank (MBB) in the bank’s rights issue to existing shareholders, with an expected outlay of more than VND 1,184 billion. The transaction, scheduled from August 25 to September 7, 2026, will raise Viettel’s total MBB holdings to approximately 1.303 billion shares, preserving its status as one of the bank’s largest shareholders. This move supports MB’s plan to raise about VND 8,055 billion in new equity capital.

Key Facts

• Viettel will buy 118.424 million new MBB shares at VND 10,000 per share, totaling over VND 1,184 billion.
• The rights issue ratio is 10:1, meaning shareholders get one new share for every ten held.
• Viettel currently holds over 1.184 billion MBB shares, equivalent to about 14.7% of MB’s charter capital.
• After the transaction, Viettel’s MBB holdings will increase to about 1.303 billion shares.
• MB plans to offer approximately 805.5 million shares to existing shareholders, aiming to raise around VND 8,055 billion.
• The registration and payment period runs from August 25 to September 7, 2026.
• Viettel’s H1 2026 revenue reached 108% of plan, up nearly 20% year-on-year; profit hit 122% of plan.

What Happened

Viettel Group, officially the Military Industry and Telecoms Group, has registered to fully exercise its rights in MB’s upcoming rights offering, according to a company announcement. The group will purchase 118.424 million new shares at VND 10,000 each, committing over VND 1,184 billion. This follows MB’s plan to issue about 805.5 million shares to existing shareholders at a 10:1 ratio, aiming to raise approximately VND 8,055 billion to bolster its capital base for business expansion.

Viettel’s decision comes amid strong operational performance in the first half of 2026. The group reported revenue at 108% of its plan, up nearly 20% year-on-year, and profit at 122% of plan. International investments and digital finance also contributed, with Viettel International Investment JSC completing 112% of revenue plan and 132% of pre-tax profit plan (excluding FX effects). Viettel Global saw over 20% growth in seven of nine overseas markets, and e-wallet subscribers reached 204% of plan.

Market Context

MBB shares closed at VND 21,000 on August 21, 2026, up 1.72% with volume of 11.46 million shares on HOSE. The rights issue is priced at a significant discount to the market price, which may attract investor interest. Viettel’s full subscription underscores its commitment to maintaining its stake as MB expands its charter capital. The banking sector in Vietnam has been actively raising capital to meet growing credit demand and regulatory requirements, and MB’s issuance aligns with this trend.

Strategic Significance

Viettel’s participation in MB’s rights issue is strategically important for both entities. For Viettel, it preserves its influential stake in one of Vietnam’s leading banks, ensuring continued alignment with MB’s growth and potential synergies in digital finance and telecommunications. For MB, the capital injection strengthens its Tier-1 capital, supporting asset expansion and lending capacity. The move also signals Viettel’s confidence in MB’s long-term prospects, which may reassure other investors. As MB continues to scale, Viettel’s sustained ownership could facilitate deeper collaboration in fintech and digital services.

What to Watch

• Completion of the rights issue and Viettel’s payment by September 7, 2026.
• MB’s Q3 2026 earnings report to assess the impact of the capital raise on profitability and capital adequacy.
• Any further stake changes by Viettel or other major shareholders in MBB.
• Regulatory approvals and any adjustments to the offering timeline.
• Market reaction to the rights issue, including share price movement post-announcement.