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Sacombank slashes 2008 share issue plan
Vietnam’s partly private Sacombank, 10 percent owned by ANZ, has scaled back its capital raising plans for this year limiting them to one share issue due to be completed next month, the bank said.
Ho Chi Minh City-based Sacombank, Vietnam’s sixth-largest lender by assets, had initially projected to boost its registered capital by 36 percent to VND6.05 trillion (US$367 million) within this year, from VND4.45 trillion ($269 million) now.
The bank has won the central bank’s approval for a new share issue of 66.73 million shares as dividend payment for 2007, which is due to be completed on September 15 and which will boost Sacombank’s capital base by 15 percent to VND5.12 trillion.
But it said in a statement late on Friday its shareholders had approved its decision to drop plans to seek approval for the remainder of the originally planned capital increase, initially slated to include nearly 1.3 million shares to foreign investors.
Banks’ capital increases often come in several phases, each needing approval from the central bank to avoid an oversupply of shares to the market.
Sacombank’s total assets at the end of June stood at nearly VND75 trillion, a rise of 16 percent from the end of last year.
Sacombank shares ended down 4.92 percent at VND30,900 on Friday, underperforming the Vietnam’s stock exchange’s main index, which lost 1.57 percent before a market holiday on September 1 and 2.
The World Bank’s International Finance Corp., Dragon Capital and ANZ Bank together own 30 percent of Sacombank, the ceiling for foreign ownership of listed banks in Vietnam.
Thanhnien
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