The Hanoitimes – This is a major step for Vietcombank, Vietnam`s largest lender by market value, to increase its charter capital by nearly 3.6 trillion (US$153.4 million) to VND39.5 trillion (US$1.7 billion), local media reported. The State Securities Commission of Vietnam (SSC), the country’s stock market watchdog, has confirmed the receipt of Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank)’s proposal for the offering of its 10% stake to foreign investors. Illustrative photo. With the sale, Vietcombank, Vietnam’s largest lender by market value, expects to increase its charter capital by 3.6 trillion (US$153.4 million) to VND39.5 trillion (US$1.7 billion). Of the sum, the Hanoi-based lender would offer 53.9 million shares to Mizuho Bank, its largest foreign shareholder which is entitled to buy more shares to maintain its stakeholding of 15% at the bank, and another 305.8 million shares to other foreign investors through private placements. According to the bank’s resolution of the annual general shareholders’ meeting in April 2017, the offering price would not be lower than the price determined by an organization providing corporate valuation services and market prices determined through principles approved by relevant authorities. Additionally, the lender would favor foreign investors with a strong… Read full this story
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