Military Bank, the only bank run by Vietnam's army, expects its total assets to jump 59 percent this year from 2006 to VND21.5 trillion (US$1.3 billion), a bank executive said.
The unlisted bank also hopes to boost its 2007 net profit by 52 percent to VND320 billion ($19.8 million), Chief Executive Le Van Be said in a prospectus seen on Tuesday ahead of a two-stage share sale.
Military Bank will sell 50.2 million new shares to existing shareholders and staff who register by July 16 under the first phase of the issue, Be said.
It will sell a further 45.28 million new shares to strategic foreign and domestic investors in the last quarter of this year, he said, without giving any names of potential buyers. The bank has no foreign investors now.
The Hanoi-based lender reported gross profit for January to May was VND260 billion ($16 million), more than the VND253 billion in gross profit posted for the all of 2006 and 62 percent of this year's annual plan.
Last month it won a license to issue 95.48 million new shares to nearly double its registered capital to VND2 trillion ($124 million), part of which would be sold to foreign investors. It has not announced any plans for an initial public offering (IPO).
Military Bank has more than 4,000 institutional and individual investors, among them the military firm Fly Service Corporation, which owns 14.6 percent. State-run Vietcombank has a 6.5 percent stake.
Its shares fell to VND75,000-76,000 ($4.6-$4.7) each on Monday on the unregulated, unofficial market, from VND86,000-88,000 on June 12 before it secured the license on the new share issue. The latest price valued the bank at $490 million.
Source: Thanh Nien
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