Vietnam's partly private Military Bank will raise 955 billion dong ($59 million) in a share issue to nearly double its chartered capital to 2 trillion dong ($124 million), the State Securities Commission said on Tuesday.
The unlisted bank based in Hanoi would sell 50,200,000 shares with a face value of 10,000 dong ($0.62) each to existing shareholders and staff in the first phase of the issue, the stock market watchdog said in a statement.
It would sell the remaining 45,280,000 shares to strategic partners in the second phase of an issue which should be completed by Sept. 19, the statement said.
Military Bank, which now has a registered capital of $65 million, is the only lender controlled by Vietnam's army and has more than 4,000 institutional and individual investors. It has not said when it plans to list on the stock market.
Its shares on the unregulated, unofficial markets fell slightly to between 86,000 dong and 88,000 dong ($5.33-$5.46) last week from 88,000-90,000 dong in the first week of June. The latest prices valued the bank at around $570 million.
Military Bank's audited net profit nearly doubled last year to 211.4 billion dong ($13 million) and its assets soared 58% to 13.81 trillion dong ($856.6 million).
The assets had risen another 10% to 15.2 trillion dong ($942 million) at the end of February.
Source: Reuters
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