Sacombank to Raise Charted Capital to Over US$220Mln
The Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) under the stock code STB will increase charted capital to more than VND3.53 trillion (US$220 million) from VND2.089 trillion (US$130.5 million).
The decision will be finalized in the annual shareholders’ meeting set to be held March 19.
In 2006, Sacombank paid dividends at 12 per cent in shares and issued preferred shares at 2:1 ratio with prices fixed at 1.5 times higher than par value.
STB was traded in recent sessions exceeding VND120,000/each.
Besides, Sacombank will issue 3 million shares worth VND30 billion for administrative officers and managers.
Along with the capital increase, the bank will expand its network throughout Vietnam to 300 branches and offices by 2010, from 163 offices currently.
Reportedly, the bank’s total assets reached VND24.8 trillion (US$1.5 billion) by the end of 2006, up 72 per cent from the end of 2005.
Sacombank reported deposits of VND21.5 trillion (US$1.34 billion) and outstanding loans of VND14.5 trillion (US$906 million).
The bank’s pretax profit totaled nearly VND550 billion (US$34.3 million), up 78 per cent compared with 2005. (Librated Saigon)
Vietnamese
