ACB shares debut on HoSE, soaring 8.1%

December, 09/2020 - 18:50

Shares of Asia Commercial Joint Stock Bank (ACB) soared 8.1 per cent on Wednesday as the bank officially listed more than 2.16 billion shares at the Hồ Chí Minh Stock Exchange (HoSE).

 

Asia Commercial Joint Stock Bank (ACB) debuted on the Hồ Chí Minh Stock Exchange on Wednesday. — Photo courtesy of HoSE

HÀ NỘI — Shares of Asia Commercial Joint Stock Bank (ACB) soared 8.1 per cent on Wednesday as the bank officially listed more than 2.16 billion shares on the Hồ Chí Minh Stock Exchange (HoSE).

The shares debuted at VNĐ26,400 apiece and could trade on a 20 per cent trading band on either side in the debut day. ACB shares surged to VNĐ28,550 apiece on Wednesday.

At the opening price of VNĐ26,400, ACB’s market value was set initially at more than VNĐ57 trillion.

ACB moved its shares to HoSE from the Hà Nội Stock Exchange (HNX). The last trading on the HNX was December 1.

The bourse-switching decision was made in June after shareholders approved a plan to move the bank’s shares to HoSE to help increase the market capitalisation.

ACB was founded in June 1993 with starting charter capital of VNĐ20 billion. At the moment, charter capital is VNĐ21.6 trillion.

The bank became the third lender to switch trading bourse after LienVietPostBank (LPB) and VIệt Nam International Bank (VIB) and also the 13th listed bank on the stock market.

In 2018-19, total revenues of the bank were VNĐ14 trillion and VNĐ16.1 trillion, respectively, and total post-tax profits were VNĐ5.14 trillion and VNĐ6.1 trillion, respectively.

In January-September 2020, total revenue was near VNĐ13 trillion and post-tax profit was VNĐ5.13 trillion.

According to HoSE, the listing of ACB shares on the southern bourse will help the bank tap the huge resource of capital, improve its brand and prestige to customers.

“As the major market regulator, HoSE will also partner with local companies to help them execute the tasks, especially in information disclosure, and update the policies and regulations, and create training programmes for all market members,” the HoSE said in a statement on Wednesday. — VNS

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