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Military bank to list on City bourse
The joint-stock Military Bank (MB) has applied to list at the HCM City Stock Exchange in the second quarter, after receiving approval from the State Bank of Viet Nam.
The bank's charter capital reached VND5.3 trillion (US$279 million), equal to 530 million shares of VND10,000 face value.
Last year the bank gained a pre-tax profit of over VND1.5 trillion, up 51 per cent from its set target and 78 per cent from 2008's figure.
Its total assets reached VND69 trillion, a year-on-year increase of 56 per cent, according to deputy general director Cao Thi Thuy Nga.
This year's first quarter the bank achieved a total pre-tax profit of VND517 billion. Its outstanding loans grew by 9 per cent and capital mobilisation went up 12 per cent.
MB plans to increase its capital to VND7.6 trillion this year. In the first batch, the capital will increase by VND1.4 trillion (140 million shares) to VND6.7 trillion.
Existing shareholders will be eligible to acquire 13 new shares for every 53 units they own.
Strategic partners and employees will take the remaining stake.
For the second batch, shareholders will receive bonus shares thanks to the accumulated profits, at the ratio of six new equity for every 67 shares they hold.
Meanwhile, 20 million convertible corporate bonds with a five-year term and worth VND2 trillion will also be issued to enhance the bank's financial capacity.
Viettel, Vietcombank and Viet Nam Air Service Corp. are among the major shareholders of the bank.
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