ABBANK (ABB) offers more than 114 million shares to existing shareholders

 An Binh Commercial Joint Stock Bank (code: ABB) has received approval for its proposed public offering of 114.26 million shares to existing shareholders at VND10,000 per share at the rate of 20 per cent in the fourth quarter of 2021.

 

The bank expects to collect more than VND1.14 trillion (US$50.07 million) from the issuance (plus shares under an ESOP scheme), and will use the money to meet capital adequacy ratios and use it to supplement working capital, upgrade its information technology system and strengthen its digitisation platform.

The bank is in the process of applying to the State Securities Commission for issuance of nearly 11.43 millions shares equivalent to 2 per cent of its charter capital for employees under an ESOP scheme.

After completing the issuance to existing shareholders and employees, it plans to issue bonus shares at a rate of 35 per cent by capitalising undistributed profits and the reserve fund of nearly VND2.44 trillion.

They will take its charter capital to nearly VND10 billion ($439.26 million).

ABBANK is also preparing to change its listing from UPCoM to one of the country’s two exchanges in Ha Noi and HCM City in the near future. 

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