Bao Viet to increase charter capital
HCM City-listed Bao Viet Holding plans
to issue 53.89 million shares in an effort to increase the group’s
financial capacity.
HCM City-listed Bao Viet Holding plans
to issue 53.89 million shares in an effort to increase the group’s
financial capacity.
The issue would be aimed at existing shareholders at a rate of 8.6 percent. The shares will be offered at 12,000 VND a piece and listed on the HCM Stock Exchange after completion of the issuance.
It is expected to be implemented in this quarter of the year and would help Bao Viet increase it is charter capital from 6.26 trillion VND (329.8 million USD) to 6.80 trillion VND (357.4 million USD).
Le Quang Binh, Chairman of Bao Viet Holdings, said the mobilised capital would be used to enhance their core businesses of non-life insurance, banking and securities.
Furthermore, Binh said, the capital would be used to invest in several finance projects, as well as on training and upgrading infrastructure.
The insurance group projects a net profit of 848.3 billion VND (44.6 million USD) this year, on which it would base a dividend payment of 11 percent. Last year, Bao Viet achieved 807.78 billion VND (42.5 million USD) worth of post-tax profit./.
The issue would be aimed at existing shareholders at a rate of 8.6 percent. The shares will be offered at 12,000 VND a piece and listed on the HCM Stock Exchange after completion of the issuance.
It is expected to be implemented in this quarter of the year and would help Bao Viet increase it is charter capital from 6.26 trillion VND (329.8 million USD) to 6.80 trillion VND (357.4 million USD).
Le Quang Binh, Chairman of Bao Viet Holdings, said the mobilised capital would be used to enhance their core businesses of non-life insurance, banking and securities.
Furthermore, Binh said, the capital would be used to invest in several finance projects, as well as on training and upgrading infrastructure.
The insurance group projects a net profit of 848.3 billion VND (44.6 million USD) this year, on which it would base a dividend payment of 11 percent. Last year, Bao Viet achieved 807.78 billion VND (42.5 million USD) worth of post-tax profit./.
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