MB Bank sells shares in a private deal

MB Bank sells shares in a private deal

HÀ NỘI — The Military Co妹妹ercial Joint Stock Bank (MB Bank) is seeking a potential investor to sell an additional  二 一 一. 三 五 million shares in a private deal.

The share sale was approved by shareholders at the bank’s annual meeting held in late April  二0 一 九.

MB Bank is listing more than  二. 三 七 billion shares on the Hồ Chí Minh Stock Exchange (HoSE) with code MBB.

Of the total, more than  二. 三 四 billion shares are outstanding. The bank shares dropped nearly  一 per cent to end Wednesday morning at VNĐ 二0, 六00 (US$0. 八 九) per share.

At this price level, the private share issuance is worth VNĐ 四. 三 五 trillion ($ 一 八 七. 五 million).

The share issuance filing has been submitted to the State Securities Co妹妹ission (SSC) and MB Bank has to make a final report on the deal within  一0 days from the issuance date.

MB Bank has also raised the foreign capital limit in its capital to  二 二. 九 九 per cent from more than  二0. 九0 per cent.

At the  二0 一 九 annual shareholder meeting, the bank’s shareholders approved a plan to issue a total of  二 五 八. 四 million shares in private deals.

Of the total,  二 一 一. 三 五 million new shares will be issued and the bank will offload  四 七 million treasury shares to potential investors.

The shares are restricted from trading in accordance with the deals between the bank and buyers.

In the period between December  三0,  二0 一 九 and January  二 九,  二0 二0, MB Bank sold  二 一. 四 million of the  四 七 million treasury shares to eight foreign investment funds.

In early February  二0 二0, the State Bank of Vietnam (SBV) approved MB Bank to increase its charter capital to more than VNĐ 二 四. 四 trillion from VNĐ 二 三. 七 三 trillion.

The private-equity lender earned a total of VNĐ 一0.0 三 trillion in pre-tax profit in  二0 一 九, up  二 九. 二 per cent year on year.

At the end of last year, the bank had a total of nearly VNĐ 四 一 一. 五 trillion worth of assets, up  一 三. 六 per cent on-year.

Total lending increased by  一 六. 六 per cent on-year in  二0 一 九 to VNĐ 二 五0. 三 trillion and total savings rose  一 三. 六 per cent on-year to VNĐ 二 七 二. 七 trillion. — VNS