Asia Commercial Joint Stock Bank (ACB) debuted on the Ho Chi Minh Stock Exchange on Wednesday. — Photo courtesy of HoSE

Shares of Asia Commercial Joint Stock Bank (ACB) soared 8.1 per cent on Wednesday as the bank officially listed more than 2.16 billion shares on the Ho Chi Minh Stock Exchange (HoSE).

The shares debuted at VND26,400 apiece and could trade on a 20 per cent trading band on either side in the debut day. ACB shares surged to VND28,550 apiece on Wednesday.

At the opening price of VND26,400, ACB’s market value was set initially at more than VND57 trillion.

ACB moved its shares to HoSE from the Ha Noi Stock Exchange (HNX). The last trading on the HNX was December 1.

The bourse-switching decision was made in June after shareholders approved a plan to move the bank’s shares to HoSE to help increase the market capitalisation.

ACB was founded in June 1993 with starting charter capital of VND20 billion. At the moment, charter capital is VND21.6 trillion.

The bank became the third lender to switch trading bourse after LienVietPostBank (LPB) and VIet Nam International Bank (VIB) and also the 13th listed bank on the stock market.

In 2018-19, total revenues of the bank were VND14 trillion and VND16.1 trillion, respectively, and total post-tax profits were VND5.14 trillion and VND6.1 trillion, respectively.

In January-September 2020, total revenue was near VND13 trillion and post-tax profit was VND5.13 trillion.

According to HoSE, the listing of ACB shares on the southern bourse will help the bank tap the huge resource of capital, improve its brand and prestige to customers.

“As the major market regulator, HoSE will also partner with local companies to help them execute the tasks, especially in information disclosure, and update the policies and regulations, and create training programmes for all market members,” the HoSE said in a statement on Wednesday. — VNS