CII has proposed a takeover of NBB or an increase in its stake from 23% up to 45%. NBB is under financial duress due to a tight cash position (~VND10bn) and delays in the VND130bn divestment of the Titanium mine. The company will be vulnerable to a takeover by CII if Creed decides not to provide cash by investing in NBB’s other projects NBB III and NBB II; Creed’s continued involvement as a financing partner, in turn, depends on the progress of City Gate.