Techcombank raises $362m from second-phase treasury stock sale

Monday, May 14, 2018 17:03

After the two offerings, Techcombank has raised more than VND16.7 trillion. — Photo

Techcombank has completed the sale of 64.4 million treasury stocks, collecting more than VND8.24 trillion (US$361.5 million), the bank announced.

The shares, equivalent to 5.85 per cent of the bank’s capital, were sold between April 27 and May 7 at an average price of VND128,000 ($5.61) per share through transactions on the Viet Nam Securities Depository Centre (VSDC).

In the first phase (March 21 to April 19), Techcombank also offloaded 93.2 million treasury stocks, equalling 9.39 per cent of its capital, for VND8.48 trillion, or at VND91,000 per share.

After the two offerings, Techcombank has raised more than VND16.7 trillion.

In the third quarter of last year, Techcombank paid more than VND4.04 trillion to buy back nearly 172.4 million stocks (treasury stocks), equivalent to just VND23,459 per share.

The bank’s share value has risen by more than five times since then.

In April, Techcombank also sold 164 million shares worth VND21 trillion to foreign investors at the price of VND128,000 per share, valuing the bank at $6.5 billion.

It is expected to list itself on the HCM Stock Exchange on June under the code TCB.

VDSC announced the deadline for closing the list of shareholders registering ownership on May 11.

Founded in 1993 with charter capital of just VND20 billion, Techcombank has emerged to be Viet Nam’s largest private sector bank with charter capital of nearly VND11.66 trillion and total assets of VND269.4 trillion by the end of last year.

The bank posted a pre-tax profit of more than VND8 trillion in 2017 and has targeted a pre-tax profit of VND10.8 trillion this year.

Techcombank’s shares are trading on the over-the-counter (OTC) market at around VND115,000 per share. — VNS

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