SHB to increase its FOL to 30 per cent
SHB to increase its FOL to 30 per cent
Vietnam Securities Depository modified the foreign ownership limit (FOL) ratio of privately-held lender SHB from 10 per cent to a maximum of 30 per cent, effective from March 4.
In August, SHB temporarily locked its FOL at 10 per cent to execute the plan of selling and issuing securities authorised by the annual general meeting of shareholders.
In the current sale, the bank has successfully offered more than 539 million shares to existing shareholders, thus boosting its charter capital to more than $1.16 billion.
Last year, SHB entered a strategic agreement to sell its consumer finance arm, SHB Finance, to Ayudhya Bank (Krungsri) of Thailand – a member of Mitsubishi UFJ Financial Group from Japan.
SHB had transferred 50 per cent of SHB Finance's charter capital to Krungsri. The remaining 50 per cent ownership would be transferred to the Thai bank after three years.
The size of the deal is around $156 million.
