ACB to buy back up to 17m shares
ACB to buy back up to 17m shares
Asia Commercial Bank (ACB) announced on November 12 that it would buy back about 523,800 to 17.46 million shares between December 2 and 31.
This means the bank may repurchase a maximum of 1.92 per cent of its total shares in circulation. The transactions will be implemented at market prices within a range of VND12,000 (US$0.57) and VND19,000 ($0.90) per share.
The bank said it would use undistributed after-tax profits for the buyback, and the ACB Securities Company would be the designated agent for the transactions.
The bank is holding nearly 28 million ACB shares which were traded at VND16,000 ($0.76) each at the HCM City Stock Exchnage on November 13.
According to ACB financial reports issued earlier this month, in the first nine months of 2014, the bank earned net revenues of about VND3.22 trillion ($153.33 million), an eight-per cent year-on-year decline.
In the same period, the bank's after-tax profits reached VND606.03 billion ($28.86 million), a 32-per cent year-on-year decline.
As of September 30, the value of the bank's total assets reached VND179.32 trillion ($8.54 billion), an eight-per cent increase over that of the entire 2013.
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