Saigon Thuong Tin Commercial Bank (STB), Vietnam's sixth-largest, said it would issue more than 236 million shares to raise at least $212 million for investing in the credit card business and new subsidiaries.
Sacombank would sell the shares to existing shareholders and key staff at 15,000 dong ($0.93) from June 26 to July 23, Deputy General Director Nguyen Quang Trung said in a statement.
The proceeds would be used to more than double the bank's registered capital to $276 million, construct its new offices in Ho Chi Minh City, upgrade its information technology and open a credit card business.
The funds would also go to existing subsidiaries and newly established subsidiaries, Trung said without elaboration.
Shares in Sacombank closed flat at 166,000 dong ($10.3) on Monday, valuing it at $2.2 billion. Listing of the new shares is scheduled for August 23.
In March, Scombank said it would establish a credit card venture with shareholder ANZ Bank in 2007. It also aims to open 14 branches in Vietnam this year and establish offices in China, Laos and Cambodia.
The World Bank's International Finance Corp., Dragon Capital and ANZ Bank together own 26.3 percent of Sacombank, which reported a near tripling of gross profit in the first four months of this year from the same period of 2006 to 413 billion dong ($25.6 million).
Source: Reuters
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment