Maritime Bank to list on UPCoM on Friday

Tuesday, Jan 17, 2017 09:15

Maritime Bank will list 1.17 million shares on UPCoM on January 20. — Photo

Maritime Bank will list 1.17 million shares on the Unlisted Public Company Market (UPCoM) on January 20.

The medium-sized bank has not yet announced the reference price for its shares on the first trading day. The bank’s shares are traded currently at around VND3,000 per unit in the over-the-counter (OTC) market.

Maritime Bank reported outstanding loans of only VND28 trillion (US$1.233 billion) in 2015, while its total assets amounted to VND104.3 trillion and it had a charter capital of VND11.75 trillion. The bank’s ratio of non-performing loans, excluding those sold to the Viet Nam Asset Management Company (VAMC), stood at 3.4 per cent at the end of 2015.

Last week, shares of another medium-sized bank – Vietnam International Bank (VIB) – started trading on UPCoM at a reference price of VND17,000 per share.

Other than VIB and Maritime Bank, several other banks have also announced plans to trade on UPCoM, including Techcombank, VPBank, OCB and Kienlong Bank, all of who have said that their listing plans have already been submitted to the State Securities Commission (SSC).

Other banks said they are considering listing shares on either the HCM City bourse (HOSE) or Ha Noi bourse (HNX), instead of UPCoM.

Analysts said banks cannot delay their listing plans any longer. The finance ministry’s Circular 180 has mandated that public companies that do not have their shares listed on the bourses must register to trade their shares on UPCoM no later than December 31, 2016.

According to the Ha Noi Stock Exchange (HNX), which controls the UPCoM trading floor, around 50 businesses registered on UPCoM in the last two months of 2016. — VNS

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