Eximbank Raises Chartered Capital
The Vietnam Export and Import Commercial Bank (Eximbank) will issue an additional 400,000 new shares to raise its chartered capital from VND815 billion (US$50.9 million) to VND1,200 billion (US$75 million) in August.
Under the ratified plan, Eximbank will sell 320,000 shares at a price of VND1 million (US$63) each for existing shareholders. Accordingly, if a shareholder keeps five shares, he/she will be allowed to buy two new shares. The remaining 80,000 shares will be sold to eight strategic domestic partners at negotiated prices.
According to Mr. Nguyen Gia Dinh, General Director of Eximbank, the bank has successfully dealt with its bad debts and kept the outstanding loan and bad debt proportions at 2.2 per cent and 1.2 per cent, respectively. According to the business operation report, Eximbank recorded a pre-tax profit of VND161 billion (US$10 million) in the six first months of this year, up 550 per cent on-year and fulfilling 56 per cent of the annual target. In 2006, Eximbank expects to obtain a pre-tax profit of some VND300 billion (US$18.75 million).
L.A
Vietnamese
