The World Bank's International Finance Corp. (IFC) is expected to pay $15 million for 16 million additional shares in Saigon Thuong Tin Commercial Bank (STB), Vietnam's sixth largest, the Vietnamese lender said on Tuesday.
The Ho Chi Minh City-based bank would sign an agreement later on Tuesday with IFC over the payment, part of Sacombank's issue of 236,0141,235 shares to raise $212 million for various deals, a spokeswoman of Sacombank said.
"The signing will take place when IFC vice president for Asia and Latin America visits our office in the city," she said.
IFC now holds 16 million shares, or 7.66% of Sacombank. ANZ Bank owns 10%, the largest stake among Sacombank's three foreign investors, while British fund manager Dragon Financial Holdings has 8.64%.
Shares in Sacombank, the first bank in communist Vietnam to list on the Ho Chi Minh Stock Exchange, lost 4.5% to close at 75,000 dong ($4.65) on Monday, valuing the bank at $973 million.
Last month, Sacombank said it would sell 208,941,281 shares to existing shareholders under a 1-for-1 plan and 2 million shares more to key staff at 15,000 dong ($0.93) from June 26 to July 23.
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 information technology, open a credit card business, and invest in existing subsidiaries and newly established subsidiaries.
The bank would also issue 25 million shares to pay its 2006 dividend. Listing of the new shares is scheduled for Aug. 23.
Sacombank said in another statement on Tuesday that it planned to issue two international credit cards this year, Sacom MasterCard and Sacom MasterCard Lady. It gave no timeframe.
In March, Sacombank said it would establish a credit card venture with ANZ Bank in 2007. It also aims to open 14 branches in Vietnam this year and establish offices in China, Laos and Cambodia.
Source: Reuters
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