Kien Long Commercial Joint Stock Bank will trade 300 million shares on the Unlisted Public Company Market (UPCoM) on June 29.

The bank’s shares will start trading at VND10,000 (44 US cents) per share under code KLB.

According to bank chairman Vo Quoc Thang, trading of the bank’s shares on the UPCoM is an important footmark in its 22-year history.

Trading will improve the bank’s business transparency, increase benefits for investors and shareholders, and help the bank raise capital to meet its future business plans.

In 2017, Kienlongbank has targeted VND36.5 trillion ($1.62 billlion) in total asset, VND32.5 trillion in mobilised capital, VND250 billion in pre-tax profit and an 8 per cent dividend payout rate.

After the first quarter of 2017, those figures have risen 5.8 per cent, 7.15 per cent and 12 per cent year-on-year to VND32.2 trillion, VND28.25 trillion and VND72 billion, respectively. — VNS