Business

Maritime Bank listing rejected

The Vietnam Maritime Commercial Joint Stock Bank (Maritime Bank) has failed to get approval from shareholders to trade its shares on the stock exchanges.
Maritime Bank listing rejected ảnh 1The annual shareholder meeting of Maritime Bank (Photo: Maritime Bank)

Hanoi (VNA) – The Vietnam Maritime Commercial Joint Stock Bank (Maritime Bank) hasfailed to get approval from shareholders to trade its shares on the stockexchanges.

At the bank’sannual shareholder meeting held on May 26, 97 percent of shareholdersdisapproved of the proposal put forward by the bank’s board to list shares onone of the three major stock exchanges.

The threeexchanges in question are the HCM Stock Exchange (HoSE), Hanoi Stock Exchange(HNX) and Unlisted Public Company Market (UPCoM).

The banksubmitted its application for share listing to the Vietnam SecuritiesDepository (VSD) in January 2017 and had to provide additional documents tocomply with VSD requirements. Maritime Bank reapplied to VSD in early April.

Shares ofMaritime Bank have been traded on the Over-The-Counter (OTC) market since June26, 2009 under code MSB. The bank’s share price has fallen from a startinglevel of 19,200 VND (85 US cents) per share to around 4,000 VND per share.

According to thebank’s management board, the price of bank shares has remained low due to thedownward trend of the economy in general and the banking sector in particular.

In 2017, MaritimeBank targets to increase its total assets, mobilised capital and lending by 15 percent,17 percent and 14 percent to 106.6 trillion VND (4.74 billion USD), 72.3trillion VND and 51.75 trillion VND, respectively.

The bank alsoplans to raise its pre-tax profit slightly to 165 billion VND from last year’sfigure of 164 billion VND. Maritime Bank plans to make dividend payouts at arate of 5 percent for 2017 and zero for 2016.

Tran Xuan Quang,vice chairman of the bank’s standing management board, said at the meeting thatMaritime Bank would continue provisioning its bad debts in order to make surethe bank’s operations are secure.

Maritime Bankexpects its pre-provision profit for 2017 will reach 2.2 trillion VND and itprojects to handle 7 trillion VND worth of bad debts and maintain a bad debtratio of below 3 percent by the end of 2017. — VNA
VNA
#Maritime Bank #shareholders #stock exchanges #HCM Stock Exchange #Vietnam Securities Depository #Vietnam #VietnamPlus #Vietnam News
Follow VietnamPlus

Related News

VN-Index rises to six-week high

VN-Index rises to six-week high

Shares rose for the third consecutive day on the HCM Stock Exchange on August 30 as investors continued to focus on large-cap stocks in expectation of further market growth.

See more

Prime Minister Le Minh Hung speaks at the meeting (Photo: VNA)

PM orders power plan overhaul to meet double-digit growth

Securing adequate power supply is an urgent priority and a prerequisite to successfully achieve socio-economic development goals 2026, a foundational year for accelerating progress, with breakthroughs to follow in 2027 and the goals for the full term to be delivered, said Prime Minister Le Minh Hung.

General Secretary of the Communist Party of Vietnam Central Committee and President To Lam speaks at the meeting (Photo: VNA)

Top leader pledges support for firms, presses tech self-reliance

The country needs more firms that master technologies, build trusted brands and run production networks able to compete globally. Progress over the next five to 10 years must show up in productivity, job quality and market position, said top leader To Lam.

Then Prime Minister Pham Minh Chinh addresses the Autumn Economic Forum 2025 on November 26 last year. (Photo: VNA)

World Economic Forum to co-brand Autumn Economic Forum 2026 in Ho Chi Minh City

On October 27, the forum will host 16 thematic sessions across three parallel venues, focusing on AI – quantum, finance – digital economy – autonomy, and manufacturing – sustainability – next generation. Two sessions will be jointly organised with the WEF, addressing “Repositioning Vietnam and ASEAN in Global Value Chains” and “From AI Deployment to Future Manufacturing Workforce Readiness”.

Nguyen Dinh Kien, Secretary of the Sam Mun commune Party cell in Dien Bien province, builds wealth through spotted deer farming. (Photo: VNA)

📝OP-ED: Party Central Committee’s 4th plenum offers new thinking encouraging Party members to engage in business

Accordingly, the plenum reached a consensus on several key principles, including shifting from a mindset of “permission” to one of “encouragement and facilitation” for Party members engaging in the private sector; protecting their lawful economic activities; and maintaining strict oversight of those exercising control and benefiting from such activities.

AVAC ASF LIVE vaccine developed and manufactured by AVAC Vietnam Joint Stock Company. (Photo: avac.com.vn)

Vietnam ships first commercial ASF vaccine order to Philippines

Nguyen Van Diep, General Director of AVAC Vietnam, said this was the company’s first commercial export order following the Philippines’ approval of the vaccine for unrestricted circulation. The Philippine Department of Agriculture is expected to issue usage guidelines next week, paving the way for wider distribution and application.

Workers process octopus for export to the Japanese market at Huy Nam Company in An Giang province. (Photo: VNA)

Fisheries sector strives for 12 billion USD in exports amid rising costs

The 12-billion-USD export target remains achievable given solid output growth and generally favourable market conditions. However, any fourth-quarter slowdown would not necessarily reflect raw material shortages but also impacts on economic efficiency amid rising material and fuel costs.

Commercial Counsellor at the Vietnamese Embassy in China Nong Duc Lai (Photo: VNA)

Vietnam-China trade growing rapidly, substantive: Commercial Counsellor

According to the Vietnam Customs data, bilateral trade hit 253.1 billion USD in the first nine months of this year, up 37.6% annually. Vietnam’s exports to China rose 32.9% to 65.8 billion USD while imports climbed 39.3% to 187.3 billion USD. China accounted for around 41.3% of Vietnam’s imports and 15.2% of its total exports.

Vietjet Air leaders and flight crew pose for a photo with guests at the launch ceremony. (Photo: VNA)

Vietjet launches Prague–Hanoi route

Vietjet Air operates the Prague–Hanoi route twice a week using Airbus A330-300 aircraft with a capacity of 377 passengers. Flights depart Prague at 8:55 p.m. every Tuesday and Saturday and arrive in Hanoi at 4:20 p.m. the following day, local time. In the opposite direction, flights leave Hanoi at 8:25 a.m. and arrive in Prague at 6:55 p.m. The route includes a stop in Almaty, Kazakhstan.

At Yen Phong II-C Industrial Park in Bac Ninh province (Photo: VNA)

Tax policy stability now key to keeping foreign investors: Officials

Companies must ensure records and data truthfully reflect the substance of transactions and engage in dialogue early when complex issues arise. Tax authorities, in turn, need to publish policies, give clear guidance, enforce rules consistently and deliver information in a timely manner.

The MoU signing ceremony between the gency for Domestic Market Surveillance and Development and Procter & Gamble (P&G). (Photo: Ministry of Industry and Trade)

Vietnam steps up fight against counterfeits, IP violations

The renewed memorandum between Vietnam's domestic market surveillance force and Procter & Gamble (P&G) is expected to build on the results achieved since 2023, strengthen IP enforcement, safeguard the legitimate rights and interests of businesses and consumers, and contribute to a more transparent and fair business environment.