Sacombank to increase capital

[kieudiemvje]

Sacombank (STB) would issue about 248 million shares and increase its charter capital by 37per cent this year to over VND9.1 trillion (US$476.4 million), the bank has announced at its annual shareholders meeting.
About 134 million shares would be offered to existing shareholders at a price of VND12,000 ($0.63) per share, while bank executives would be offered another 13.4 million shares at the same price. In addition, over 100 million shares would be given to shareholders in the form of a dividend at a ratio of 20:3.
The bank has also planned to incrementally increase its charter capital between 2011 and 2015, targeting a capital of over VND28.6 trillion ($1.5 billion) by that year, as well as total assets of VND490 trillion ($25.7 billion) and annual profits of VND11 trillion ($576 million).
"Promoting financial capacity and enhancing competitiveness are the two key missions of Sacombank for 2011-20," Chairman Dang Van Thanh told shareholders on Monday.
The shareholders heard further details of Sacombank's plans to upgrade branches in Laos and Cambodia into wholly-owned subsidiaries, as well as start the process of establishing a branch in Myanmar.
Thanh also addressed rumours that the ANZ Banking Group would unload its holdings in Sacombank, currently equal to a 10-per-cent stake.
"The two boards of directors are working together on this issue," Thanh said. "ANZ will seek another partner to which it will transfer its holdings and Sacombank respects ANZ's interests and development strategy of becoming a foreign-invested bank in Viet Nam."
This year, Sacombank planned to list shares worth $100 million on a foreign stock market and was awaiting approval to set up finance and insurance arms, Thanh said.
In the first two months of this year, Sacombank posted a profit of VND300 billion ($15.7 million), a year-on-year increase of 35 percent. Shareholders have approved a profit target for the year of VND2.4 trillion ($125.7 million), representing an increase of 26 percent over last year's profits. The bank has targeted total assets by the end of the year of VND146 trillion ($7.6 billion), up 48 per cent from last year's level.
STB shares closed flat yesterday on the HCM City Stock Exchange at VND22,600 per share.

[smithlanger1]

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