|
Vietcombank not likely to find strategic partners before shares are listed
The Board of Directors of Vietcombank has hoped to complete the selection of strategic partners before it lists on the HCMC bourse. However, its quest has not yet borne fruit, and the bank now seems to have decided to go ahead with the listing.
Vietcombank (the Vietnam Bank for Foreign Trade) is holding its second shareholders’ meeting on April 28, will organize the second shareholders’ meeting. At the meeting, particular attention will be given to the board of directors’ report on the preparation for listing the bank’s shares on the HCM City Stock Exchange (HOSE).
At the first shareholders’ meeting of the former state-owned bank in 2008, a plan for listing Vietcombank’s shares on HOSE in 2008 was approved by shareholders.
After completing legal procedures on conversion to operation as a joint stock bank (June 2, 2008), the board of directors set up a taskforce to oversee preparations for listing the bank’s shares. In early October 2008, the bank had completed necessary formalities persuant to listing on the HCMC exchange and got the approval from the State Bank of Vietnam.
The report prepared for presentation at the 2009 shareholders’ meeting emphasizes that the board of directors aimed to establish strategic partnerships before the listing takes effect. Therefore, while completing administrative procedures, the bank has been negotiating with prospective strategic partners.
However, the global financial crisis has led a lot of investment and commercial banks to bankruptcy, and has frustrated Vietcombank’s search for strategic partners in 2008. Thus, at the end of the year, the bank applied to listing shares on HOSE, even though it still could not find strategic partners. On April 1, 2009, Vietcombank’s got the approval in principle for listing its shares on the bourse from the State Securities Commission.
The board of directors plans to ask shareholders’ approval to complete necessary formalities relating to the listing of Vietcombank’s shares in 2009. It is likely that Vietcombank will list its shares on the HCMC bourse while continuing to search for appropriate strategic partners.
The date for listing Vietcombank’s shares is likely to be announced at the shareholders’ meeting.
Vietcombank’s Board of Directors will also consult shareholders at the meeting about the business plan for 2009. It plans to increase total assets of VND 246,237 billion (up by 11%) in 2009, aims for pre-tax income of VND 3,320 billion, and to hold the non-performing loan ratio below 3.5%. Vietcombank plans to pay a dividend of VND 1,200 per share.
vietnamnet, vneconomy
|
