At the meeting (Source: VNA) Hanoi (VNA) - The Vietnam Maritime Commercial Joint Stock Bank (MSB) is planning tolist its shares on the Ho Chi Minh Stock Exchange (HoSE) in the thirdquarter of 2019.
The plan was unveiled at the bank’s annual general meeting ofshareholders in Hanoi on April 23.
MSB General Director Huynh Buu Quang said the bank’s board of directors hasbeen preparing all necessary procedures for the initial publicoffering (IPO) and the listingof shares.
Quang said the IPO will help the bank increase its capital, especiallycash, and get more business opportunities.
The IPO is expected to increase the bank’s capitalization value to1.1 billion USD after reselling all treasury stocks to selected investors, headded.
In 2019, the MSB plans to raise its chartered capital by 1 trillion VND (42.9million USD) to 12.75 trillion VND (over 547.3 million USD) by issuing 100 millionshares or maximum 8.5 percent of its current charter capital for domesticinvestors.
At the meeting, the shareholders also approved the bank’s financial targets. TheMSB is set to increase its total assets by 11 percent to 153 trillion VND (6.56billion USD). The bank’s pre-tax profits are expected to hit 1.86 trillion VND(79.8 million USD), up 77 percent.
By the end of 2018, the MSB's total assets reached nearly 138trillion VND (5.92 billion USD), an increase of 23 percent compared to the endof 2017. Last year, its pre-tax profits stood at over 1.05 trillion VND (45million USD), up 6.4 times as compared to 2017.
Besides business activities, 2018 was also a key year for the MSBin implementing risk management in line with strict standards of Basel 2. Thebank has successfully piloted regulations of the State Bank of Vietnam oncalculating capital safety ratio.
The settle of debt also brought in positive results. The bad debt rate has beenalways well controlled, standing at 2.21 percent, much lower than the regulatedmaximum level of 3 percent.-VNA
VNA
