phuocpham
11-01-2010, 11:34 AM
Sai Gon Ha Noi Bank (SHB) has got the nod from the State Securities Commission to issue 15 million convertible bonds valued at VND1.5 trillion (US$81 million).
As many as 10 million convertible bonds will be reserved for existing shareholders at a ratio of 20:1. Bonds for shareholders have been priced at the face value of VND100,000 ($5.41) each.
The remaining 5 million convertible bonds will be issued to institutional investors and the public at VND125,000 ($6.75) each.
Bonds will mature after 12 months with an annual coupon of 10.48 percent. Prior to maturity these bonds will be converted to shares at a ratio of 1:10.
The deadline for registration to buy bonds is January 18.
Under the plan approved at a shareholder meeting on November 14, the SHB will follow regulatory procedures to list convertible bonds on the Ha Noi Stock Exchange.
The Ha Noi-based bank has submitted a proposal to the State Bank of Viet Nam to issue additional shares with a view to raising capital of VND3.5 trillion ($189.18) on top of the VND2 trillion ($108.11) already raised last year.
It expects to have VND5 trillion ($270.27) in charter capital by early next year.
At the end of the third quarter of 2009, the bank had total assets of VND21.15 trillion ($1.14 billion), up 47.10 percent from 2008.
Pre-tax profit was recorded at VND336.47 billion ($18.19 million), 14 percent higher than it had targetted.
As many as 10 million convertible bonds will be reserved for existing shareholders at a ratio of 20:1. Bonds for shareholders have been priced at the face value of VND100,000 ($5.41) each.
The remaining 5 million convertible bonds will be issued to institutional investors and the public at VND125,000 ($6.75) each.
Bonds will mature after 12 months with an annual coupon of 10.48 percent. Prior to maturity these bonds will be converted to shares at a ratio of 1:10.
The deadline for registration to buy bonds is January 18.
Under the plan approved at a shareholder meeting on November 14, the SHB will follow regulatory procedures to list convertible bonds on the Ha Noi Stock Exchange.
The Ha Noi-based bank has submitted a proposal to the State Bank of Viet Nam to issue additional shares with a view to raising capital of VND3.5 trillion ($189.18) on top of the VND2 trillion ($108.11) already raised last year.
It expects to have VND5 trillion ($270.27) in charter capital by early next year.
At the end of the third quarter of 2009, the bank had total assets of VND21.15 trillion ($1.14 billion), up 47.10 percent from 2008.
Pre-tax profit was recorded at VND336.47 billion ($18.19 million), 14 percent higher than it had targetted.