DongABank to sell 15% stake to foreign investors in 2011

DongA Commercial Joint Stock said Wednesday it plans to sell a combined stake 15% to foreign investors in the fourth quarter this year.

The bank said it will raise VND900 billion ($42.85 million) from selling new shares to foreign investors, but didn't name possible buyers.

The sale is part of DongA's plan to raise its registered capital to VND6 trillion within this year from the current VND4.5 trillion, the unlisted Ho Chi Minh City-based bank said.

DongABank has set a target of generating a pretax profit of VND1.3 trillion this year, up from VND858 billion last year. It said its total assets are expected to rise 27% from last year to VND70 trillion by the end of this year.

Last year, DongA said it planned to list on the Hochiminh Stock Exchange by the end of 2010 but that didn't eventuate. The bank did not mention any listing plans Wednesday.

Dow Jones Newswires

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