Vietnam Daily News

EAB to offer 50m shares

Written by Dailynews.vn Thursday, 15 December 2011 18:16

Dong A (Eastern Asia) Commercial Joint Stock Bank (EAB) on December 13 submitted document to the State Securities Commission of Vietnam (SSC) to register to offer additional shares to the public. Accordingly, EAB will issue 50 million shares priced at par value to the existing shareholders at the ratio of 9:1. According to the resolution of the bank's AGM (annual general meeting) 2011, the bank planned to issue 150 million shares in the fourth quarter of this year to hike its chartered capital. Of which, 90 million shares will be offered to the strategic partners and 60 million shares will be allocated to the existing shareholders. Thus, the registered volume to issue for the existing shareholders in this phase is less 10 million shares than the expected volume in the resolution. The bank will use 400 billion dong worth of proceeds from the share issuance for purchase of ground and build new headquarters, 1.1 trillion dong remaining will be used to ensure the bank's liquidity and lend transaction offices. In the first nine months of this year, the lender gained one trillion dong pre tax profit, equalling to 77 percent of the year's plan.

Source: www.intellasia.net/news/articles/stock_market/111350921.shtml