TPBank to buy back 24 million treasury shares

Tien Phong Joint Stock Commercial Bank (TPBank) has announced it will buy back 24 million treasury shares

Transactions are expected to start on June 10 after the bank gets approval from the State Securities Commission.

TPBank is holding nearly 5.55 million treasury shares.

The bank has charter capital of VND8.56 trillion (US$368.3 million).

In 2019 and 2020, TPBank plans to raise its charter capital to VND10 trillion by selling 100 million private shares, equal to 11.67 per cent of the current charter capital.

The bank will also spend the remainder of its 2018 profit to increase charter capital.

TPBank lists nearly 856.6 million shares on the Ho Chi Minh Stock Exchange with the code TPB.

The bank shares dropped 1.3 per cent to VND23,600 per share on Thursday morning.

TPBank shares have gained 11.7 per cent in the last two trading weeks.

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