The Hanoi-based Military Commercial Bank has obtained the nod from the central bank to mobilize VND1 trillion ($62 million) through the sale of one million convertible bonds at par at a face value of VND1 million.
The bonds, to be issued in two phases, carry an annual coupon of 8%.
In the first phase 420,000 bonds will be sold to existing shareholders by June 20.
The bonds will be converted into common shares after two years at a 1:1 ratio.
The 580,000 bonds to be sold in the second phase will be converted in 2010 but the schedule is not known.
The bank will use the proceeds from the sale and also issue 954,800 new shares to nearly double its registered capital to VND2 trillion this year.
Military Bank, with more than 4,000 institutional and individual investors, has not said when it plans to list on the stock market.
Its shares gained by 2.3% Friday to VND107,000 on the unofficial market.
The bank's audited net profit figure nearly doubled last year to VND211.4 billion, while total assets jumped 58% to VND13.81 trillion.
Source: Thanh Nien
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