Tuesday, October 16 2018

VietNamNews

VietBank to raise charter capital before listing on UPCoM

Update: October, 01/2018 - 17:10
VietBank will issue shares for its existing shareholders and employees to raise its capital to US$181 million. — Photo VietBank
Viet Nam News

HÀ NỘI — Việt Nam Thương Tín Commercial Joint Stock Bank (VietBank) targets to list its shares on the Unlisted Public Company Market (UPCoM) within a year of increasing charter capital to more than VNĐ4.25 trillion (US$181 million) in 2018.

According to a resolution released recently, VietBank will issue shares for its existing shareholders and employees to raise its capital by more than VNĐ1 trillion.

Nearly 91 million shares for existing shareholders and more than 9.7 million ESOP (employee stock ownership plan) shares will be offered at the price of VNĐ10,000 a piece, based on the bank’s book value of VNĐ10,247 per share by December 31, 2017. Existing shareholders and the bank’s employees will be allowed to buy the shares at the ratio of 100:28.

Existing shareholders can transfer the right to purchase the shares, which will not be subject to restrictions on the time of transfer. The ESOP shares will not be permitted to be transferred within three years of the offering.

According to VietBank, all proceeds from the offering will be used for asset investment to expand its operation network.

Under the resolution, VietBank’s board of directors also announced the bank’s shares have been registered for securities depository at Vietnam Securities Depository (VSD) with share code VBB.

In addition, the bank has submitted an application for the Hà Nội Stock Exchange to trade on UPCoM and is completing procedures to put VBB shares into trading within a year after the completion of the offering.

In 2018, VietBank plans to achieve pre-tax profit of VNĐ300 billion after gaining VNĐ263 billion last year. The bank is also set to increase its total assets by 30 per cent in 2018. — VNS

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