More than 1.16 billion shares of the Vietnam Technological and Commercial Joint Stock Bank (Techcombank) coded TCB were officially listed on the Ho Chi Minh Stock Exchange on June 4. (Source: Techcombank) HCM City (VNA) - More than 1.16 billion shares of the Vietnam Technological and Commercial Joint Stock Bank(Techcombank) coded TCB were officially listed on the Ho Chi Minh Stock Exchangeon June 4.
The TCB shares were traded at a starting price of 128,000 VND (5.62 USD) pershare.
According to Techcombank Chairman Ho Hung Anh, at the price, the bank wasvalued at 149 trillion VND (6.56 billion USD), making it the second largest listedbank in Vietnam.
The bank commits to accelerating sustainable development strategies to bringpractical benefits to investors and make contributions to the development ofthe stock market in the country, he noted.
In April, Techcombank raised 922 million USD in oneof the country’s biggest initial public offerings (IPO). Singapore wealth fundGIC, Fidelity Management and Research, and Dragon Capital were among the fundscoming in as cornerstone investors.
Techcombank also planned to raise its chartered capital by three times from thecurrent 11 trillion VND (481 million USD) to 35 trillion VND (1.5 billion USD)after its listing debut to better compete with not only local rivals but alsoregional ones. It will organise an abnormal shareholder meeting on June 14 toapprove the charter capital listing.
In 2017, the bank’s total asset was 269.3 trillion VND (11.8 billion USD) andintegrated pre-tax profit was over 8 trillion VND (351.6 million USD), doublingthe amount in 2016. The return on equity (RoE) surged to 27.7 percent, thehighest level among banks in Vietnam.
At the listingceremony, Deputy General Director of HOSE Tran Anh Dao said that the listingmarks a turning point for the bank, which helps the bank increase its prestigeand have more opportunities to mobilise capital for development.
She hoped that the bank will comply with legal regulations in the stock marketto affirm its position and business value in the stock market in the comingtime.-VNA
VNA
