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VIB to trade 564.4 million shares on UPCoM
Viet Nam International Joint Stock Bank (VIB) will trade 564.4 million shares on the Unlisted Public Company Market (UPCoM) on January 9, the Ha Noi Stock Exchange announced.
The bank’s shares will be traded with code VIB at a starting price of VND17,000 (US$0.75) per share, making the bank’s capitalisation VND9.6 trillion.
The bank’s shares were registered at the Vietnam Securities Depository on December 12 with total chartered capital of VND5.64 trillion.
VIB has become more attractive to investors and shareholders as it has been paying high dividend in recent years.
VIB paid 23.5 per cent dividend for 2014’s performance and 25 per cent dividend for 2015’s. The dividends were paid in both cash and bonus shares.
At the end of November 2016, VIB recorded pre-provision profit of VND1.15 trillion, a year-on-year increase of 32.6 per cent. The bank’s total revenue rose a quarter compared with the same period in 2015 and its capital adequacy ratio (CAR) was 15.6 per cent.
The bank is projected to reach a target of total assets worth VND100 trillion at the end of 2016.
Han Ngoc Vu, VIB General Director, said foreign investors are highly confident about Viet Nam’s securities market as the country has been able to maintain a positive economic growth rate, a low level of lending rates and inflation and keep the Vietnamese dong stable and competitive.
VIB is also attractive to investors as there is 10 per cent room for foreign investors in the bank’s capital, he said. The Commonwealth Bank of Australia currently holds 20 per cent stake in the Vietnamese bank.
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