SHB to increase chartered capital

VNStockNews.com - The Saigon-Hanoi Commercial Joint Stock Bank recently announced its approval for increasing the bank's chartered capital from 2 trillion dong to 3.5 trillion dong in its extraordinary shareholders meeting held on November 14 in Hanoi.

At the same time, the shareholders also agreed to adjust the 2009 business plan by increasing the targeted pre-tax profit from 336 billion dong to 405 billion dong, and to list all the convertible bonds on Hanoi Stock Exchange (HNX) right after the bank finishes its convertible bond issuance period.

In details, the bank plans to issue shares with total value of 1 trillion dong to the existing shareholders at the ratio of 2:1 or each shareholder owning two shares can buy one new share at price of par value; 150 billion dong shares will be issued for the bank's staff with the offered price of 12,500 dong per share, with limit-transfer period of 1-3 years, and 350 billion dong shares to be issued for strategic partners with the offered price of no less than 70 percent of the share prices in five previous session before the date when SHB closes the shareholders lists, with limited transfer period from 1-3 years.

Previously, the State Bank of Vietnam (SBV) had allowed Saigon-Hanoi Commercial Joint Stock Bank (SHB) to issue 1.5 trillion dong convertible bonds in 2009.