SBV Transfers Money to Buy Vietcombank’s Additional Shares

The State Bank of Vietnam (SBV) has issued the Decision 1814/QD-NHNN on transferring money to exercise the rights to purchase additionally issued shares at the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank).

 

According to this decision, the SBV will transferred more than VND1,018.66 billion from the support fund for the reorganisation and equitisation of State-owned enterprises to buy additional shares issued by the largest listed lender in Vietnam.

 

Earlier, on May 21, 2010, Vietcombank announced to sell more than 112.28 million shares to existing shareholders, including State stakeholders, at 1,000-to- 92.79 ratio (existing shareholders are entitled to purchase 92.79 shares for every 1,000 outstanding shares they hold) at the par price of VND10,000 per share. The share offering enabled the Hanoi-based lender to raise its authorized share capital from VND12,100.86 billion (US$630.2 million) to VND13,223.71 billion (US$688.7 million). The State Bank of Vietnam is the State’s holder of Vietcombank shares with 90.72 percent, or nearly VND1,098 billion in par value.