SeABank to issue 42 mln ESOP shares

Thursday, Oct 26, 2023 11:42

SeABank's employee performs a transaction at its office. — Photo courtesy of the bank

Southeast Asia Commercial Joint Stock Bank (SeABank) plans to issue shares under the 2023 Employee Stock Ownership Plan (ESOP) for more than 2,000 staff members.

This is the fourth time SeABank has introduced ESOP for employees, creating motivation to work effectively, increasing benefits for employees and connecting personnel.

The bank will release a maximum of 42 million ESOP shares at a preferential price of VNĐ12,000 a share (US$0.49 a share) to more than 2,000 qualified managers and employees, according to the roadmap approved by the 2023 Annual General Meeting of Shareholders. The shares will be freely transferable at 50 per cent after a year and 100 per cent after two years of ownership.

In 2023, employees who are shareholders of SeABank will also be paid 2022 dividends in shares and receive bonus shares at a total rate of 20.3 per cent.

The ESOP programme has been implemented by SeABank since 2018 to increase employees' attachment to the lender. In previous ESOPs, nearly 4,700 employees enjoyed preferential policies from SeABank.

On the stock market, shares of SeABank are traded on the Hồ Chí Minh Stock Exchange (HoSE) with the ticker symbol SSB. SSB closed Wednesday's morning session at VNĐ 25,900 per share. — VNS

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