VietBank will issue shares for its existing shareholders and employees to raise its capital to 181 million USD. (Photo: VNA) Hanoi (VNS/VNA) - The VietnamThuong Tin Commercial Joint Stock Bank (VietBank) targets to list its shares onthe Unlisted Public Company Market (UPCoM) withina year of increasing charter capital to more than 4.25 trillion (181 millionUSD) in 2018.
According to a resolutionreleased recently, VietBank will issue shares for its existing shareholders andemployees to raise its capital by more than 1 trillion VND (42.5 million USD).
Nearly 91 million shares forexisting shareholders and more than 9.7 million ESOP (employee stock ownership plan) shareswill be offered at the price of 10,000 VND a piece, based on the bank’s bookvalue of 10,247 VND per share by December 31, 2017. Existing shareholders andthe bank’s employees will be allowed to buy the shares at the ratio of 100:28.
Existing shareholders cantransfer the right to purchase the shares, which will not be subject torestrictions on the time of transfer. The ESOP shares will not be permitted tobe transferred within three years of the offering.
According to VietBank, allproceeds from the offering will be used for asset investment to expand itsoperation network.
Under the resolution, VietBank’sboard of directors also announced the bank’s shares have been registered forsecurities depository at Vietnam Securities Depository (VSD) with share codeVBB.
In addition, the bank hassubmitted an application for the Hanoi Stock Exchange to trade on UPCoM and iscompleting procedures to put VBB shares into trading within a year after thecompletion of the offering.
In 2018, VietBank plans toachieve pre-tax profit of 300 billion VND after gaining 263 billion VND lastyear. The bank is also set to increase its total assets by 30 percent in2018.-VNS/VNA
According to a resolutionreleased recently, VietBank will issue shares for its existing shareholders andemployees to raise its capital by more than 1 trillion VND (42.5 million USD).
Nearly 91 million shares forexisting shareholders and more than 9.7 million ESOP (employee stock ownership plan) shareswill be offered at the price of 10,000 VND a piece, based on the bank’s bookvalue of 10,247 VND per share by December 31, 2017. Existing shareholders andthe bank’s employees will be allowed to buy the shares at the ratio of 100:28.
Existing shareholders cantransfer the right to purchase the shares, which will not be subject torestrictions on the time of transfer. The ESOP shares will not be permitted tobe transferred within three years of the offering.
According to VietBank, allproceeds from the offering will be used for asset investment to expand itsoperation network.
Under the resolution, VietBank’sboard of directors also announced the bank’s shares have been registered forsecurities depository at Vietnam Securities Depository (VSD) with share codeVBB.
In addition, the bank hassubmitted an application for the Hanoi Stock Exchange to trade on UPCoM and iscompleting procedures to put VBB shares into trading within a year after thecompletion of the offering.
In 2018, VietBank plans toachieve pre-tax profit of 300 billion VND after gaining 263 billion VND lastyear. The bank is also set to increase its total assets by 30 percent in2018.-VNS/VNA
VNA
