Techcombank will offer about additional 149 million shares to existing shareholders in June at a ratio of 27.6 percent, and an additional 4 million shares will be offered to staff, at a price of 10,000 VND per share.
"Capital raised through this offer will be used to upgrade infrastructure and technical systems," said Techcombank chairman Ho Hung Anh, with additional funds allocated to network expansion and funding lending and investment activities.
The bank was also planning to issue 3 trillion VND (157.9 million USD) in convertible bonds by the third quarter of this year. The bonds, with a one-percent coupon, would be convertible into shares at then end of five years. For the second five years until maturity, they would pay 12 percent per year.
"Money raised through the bond issue will be allocating to ... satisfy credit demand which is growing quickly in the context of the economic recovery," said Anh.
Additional capital would be invested in the banks capital reserves, including in T-bills and Government bonds, he added.
Techcombank expects to increase its charter capital this year to 6.93 trillion VND (364.7 million USD) and has targeted a profit of 3.46 trillion VND (182.1 million USD).
The bank projects assets on December 31 of nearly 144.4 trillion VND (7.6 billion USD) and customer deposits totalling 128.6 trillion VND (6.7 billion USD). It has targeted outstanding loans of 67.6 trillion VND (3.6 billion USD) by the end of the year, with a bad debt ratio of 1.98 percent./.
"Capital raised through this offer will be used to upgrade infrastructure and technical systems," said Techcombank chairman Ho Hung Anh, with additional funds allocated to network expansion and funding lending and investment activities.
The bank was also planning to issue 3 trillion VND (157.9 million USD) in convertible bonds by the third quarter of this year. The bonds, with a one-percent coupon, would be convertible into shares at then end of five years. For the second five years until maturity, they would pay 12 percent per year.
"Money raised through the bond issue will be allocating to ... satisfy credit demand which is growing quickly in the context of the economic recovery," said Anh.
Additional capital would be invested in the banks capital reserves, including in T-bills and Government bonds, he added.
Techcombank expects to increase its charter capital this year to 6.93 trillion VND (364.7 million USD) and has targeted a profit of 3.46 trillion VND (182.1 million USD).
The bank projects assets on December 31 of nearly 144.4 trillion VND (7.6 billion USD) and customer deposits totalling 128.6 trillion VND (6.7 billion USD). It has targeted outstanding loans of 67.6 trillion VND (3.6 billion USD) by the end of the year, with a bad debt ratio of 1.98 percent./.
