SCB to Issue Convertible Bonds to Foreign Investors in 2007
The Saigon Commercial Joint Stock Bank (SCB) will continue to issue convertible bonds in 2007, targeting to sell to foreign investors, state media said.
Under plan, SCB will emit VND1.4 trillion (US$87.5 million) worth of convertible bonds in the second quarter of 2007. The bonds will be sold to existing shareholders and domestic investors.
In the third quarter, the bank will issue more bonds to one financial institution and one or two foreign banks. The foreign financier may be the International Finance Company, as both sides are negotiating for the deal.
In the first quarter this year, some of the issued bonds will be converted into common shares, helping raise the bank’s registered capital to VND1.2 trillion from current VND600 billion.
SCB last year posted pre-tax profit of VND151.4 billion, tripling the figure of a year earlier. (Labourer)
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