Eximbank to Issue 297 Mln Shares for Equity of VND7.2 Tln by Year-end
The Vietnam Export-Import Commercial Joint-Stock Bank (Eximbank) announced that it will issue an additional 297.1 million bonus shares valued at VND2.97 trillion (US$180.3 million) next month as part of its plan to scale up registered capital.
The bank will offer the shares at a ratio of 70.55 per cent to its existing shareholders to boost its capital to VND7.22 trillion, lower than the initially plan of VND7.38 billion by the end of this year.
Eximbank, at the unusual meeting, also sought approval from its shareholders to cancel the issuance of 12 million shares to the bank’s staff.
Eximbank’s General Director Truong Van Phuoc said next year the bank will carefully consider the listing on the stock market to avoid the negative impacts from the domestic and global financial turmoil.
The HCMC-based lender has poured over VND8.6 trillion in financial investments so far this year, with 87 per cent of the total in government and corporate bonds, 3 per cent in listed shares and 10 per cent in unlisted shares, Phuoc said.
Once the VN-Index touches the benchmark of 300 points, Eximbank will have to extract VND100 billion for stock provision fund.
Currently, Sumitomo Mitsui Financial Group Inc. is holding a 15 per cent stake in Eximbank. (Financial Investment, Banking Times)
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