Partly private Vietnam International Bank (VIB) said on Monday it would raise 1.5 trillion dong ($93 million) in a share issue to expand its business.
The Hanoi-based unlisted bank would issue 150 million new shares, of which 13.6 million would be given as dividend payment to shareholders registered by July 18 and the remaining 136.4 million would be sold in two phases.
In the first phase, VIB would sell 35.4 million shares to existing shareholders and issue one million shares to employees.
The bank would also issue 98 million shares to shareholders and sell two million shares to bank staff by September in the second phase, it said.
The proceeds would go to upgrading VIB's infrastructure, funding lending and investing in joint ventures as well as expanding the brand name, VIB said without detailing each investment.
The bank plans to raise its registered capital to 2.5 trillion dong ($155 million) by the end of 2007 from 1 trillion dong now.
Last year, it won central bank permission to apply to list on Vietnam's stock markets.
But VIB withdrew its application for a listing licence as it decided to boost finances before floating shares in order to raise the bank's value, sources familiar with the plan said.
VIB shares fell to 86,000-88,000 dong ($5.33-$5.45) on the unregulated, unofficial markets late last week after it won a State Securities Commission licence for the share issue on June 25, from 100,000 dong prior to the licence.
The latest prices valued the bank at $540 million.
VIB had assets of 18 trillion dong ($1.12 billion) at the end of March, up 8.7 percent from the end of 2006.
Source: Reuters
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment