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Habubank to list in Ha Noi next week
Habubank on Tuesday announced that it would list 300 million shares on the Ha Noi Stock Exchange next Tuesday at an opening price of VND15,000 per share, to be coded HBB.
Habubank has a charter capital of VND3 trillion (US$143.2 million), of which Deutsche Bank holds 10 per cent and domestic shareholders the remaining 90 per cent.
"We do not expect a very high share price as the VN-Index peaked over two years ago, but we strongly believe that the listing will improve transparency [of governance] and liquidity for shares, allowing investors to more actively manage their assets," said Habubank Vice Chairwoman Bui Thi Mai.
Responding to concerns about major loans made to insolvent State-owned shipbuilder Vinashin, Habubank confirmed that most of the Vinashin loans were made to finance shipbuilding projects and secured by specific assets. The Ha Noi-based bank said that it was working with State Audit to sell the secured assets to PetroVietnam.
Habubank posted a profit of VND500 billion ($23.86 million) in the first 10 months of this year and expected total profits by year's end of VND600 billion ($28.63 million), about 37 per cent higher than in the previous year.
The bank has targeted to increase its charter capital to over VND7 trillion ($334.12 million) by 2014.
Habubank will be the eighth bank in Viet Nam with shares listed on one of the nation's stock exchanges, following Eximbank (EIB), Asia Commercial Bank (ACB), Sacombank (SCB), Sai Gon-Ha Noi Bank (SHB), Nam Viet Bank (NVB), Vietcombank (VCB) and Vietinbank (CTG).
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