The Board of Directors of the Ho Chi Minh City Housing Development Commercial Joint-stock Bank (HDB) has just announced an increase of the bank’s chartered capital from VND 300 billion to VND 500 billion. This move is part of the bank’s strategy to improve HDB’s financial capability for its rapid growth in the near future.
Correspondingly, 200,000 of the new HDB shares, totally worth VND 200 billion in par value, VND 120 billion in shares will be offered at par value to existing shareholders at the ratio of 10:4 and VND 55 billion in shares to strategic investors, who can support the bank in technology, management experience, at negotiated price. The remaining VND-25-billion shares will be sold to employees expectedly for VND 1-2 million/share.
HDB shares are currently traded roughly at VND 4 million/share on the OTC market.
In the first 7 months of 2006, HDB’s total assets have risen by 97%, total deposit by 96%, lending surged by 27% and earnings before tax by 130%, from a year earlier, accounting for 78% of the planned figures.
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