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Habubank to issue $45.71 mln bond
Habubank (HNX: HBB) shareholders have approved a plan to issue VND960 billion (US$45.71 million) in convertible bonds next year to raise the bank's charter capital to VND5 trillion ($238.1 million).
This year, the Ha Noi-based bank plans to spend VND1.05 trillion ($50 million) from a convertible bond issuance in August last year to increase charter capital to VND4.05 trillion ($192.86 million) from VND3 trillion ($142.86 million). The additional charter capital will be spent on improving infrastructure and to do business.
The Ha Noi Stock Exchange-listed bank (Coded HBB) targets a pre-tax profit of VND700-750 billion ($33.33-35.71 million) this year. Its shares closed flat yesterday at VND9,900.
The bank also plans to equitise in-house securities firm Habubank Securities, pending legal approval.
Habubank posted its 2010 fiscal report earlier this month, with a net profit of VND746.7 billion ($35.55 million), up 13 per cent against the previous year. The bank's service arm posted a profit of over VND114 billion ($5.43 million) while its forex business posted a loss of VND15.85 billion ($754,761).
Securities services earned only VND2.4 billion ($114,285), falling over 84 per cent year on year while securities investment earned over VND221 billion ($10.52 million) profit, a four fold increase against the previous year.
The bank's earnings from other operations hit VND243.8 billion ($11.61 million), seven times higher than in 2009.
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