Please let us about approving Vietcombankkâs equitization plan?
On 26 September 2007, the Prime Minister issued Decision No.1289/QD-TTg (the “Decision”) on approving Vietcombank’s equitization plan.
Accordingly, Vietcombank’s charter captital is 15,000 billions Vietnam Dong, the equitization is under the form of keeping the current state capital in the VCB, issuing shares for purpose of attracting capital on principle that the Government holds controlling shares of Vietcombank, through many phases in which the ratio of state owned capital shall be reduced gradually but not less than 51 per cent of the charter capital. Total shares issued for the first phase of Viecombank’s equitisation plan will account for 30 per cent of charter capital, of which 6.5 per cent shares shall be auctioned publicly, 3.5 per cent shall be sold preferentially to its employees and the holder of increasing capital bond, 5 per cent shall be sold to domestic strategic investor and less than 20 per cent shall be sold to foreign strategic investor.
The maximum quantity of foreign strategic investor is two. Domestic strategy investors will be chose between partners and domestic traditional customers. Investors undertake that they will invest for long-term and do not assign their shares within at least five years from the date of issuing Vietcombank – VCB’s Business Registration Certificate.
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