ACB to buy back millions of shares

Thursday, Feb 27, 2014 16:57

Customers use ACB services. The bank plans to buy back up to 3.67 per cent of its total shares in circulation. — Photo

HA NOI (Biz Hub) ― Asia Commercial Bank (ACB) announced on February 26 that it would buy back between 1.02 million and 33.86 million shares within a month beginning on March 24.

This means the bank can repurchase up to 3.67 per cent of the total shares in circulation.

It will use undistributed profits to repurchase the shares at market prices, expected to be between VND12,000 and 19,000, or between US$0.57 and 0.90, per share. ACB Securities Company is an authorised agent of the transactions.

The bank currently holds over 16.18 million ACB shares, which closed up one point at VND17,300, or $0.82, per share on Thursday on the Ha Noi Stock Exchange. ― VNS

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