Southeast Asia Commercial Joint Stock Bank (SeABank) has received approval for its public offering of over 181.3 million shares to existing shareholders at a price of VND15,000 (US$0.66) per share.

The bank is expected to collect VND2.72 trillion ($119.8 million) from the issue with a ratio of 12.2633:100 to improve its financial capacity, step up business activities, maintain stable operation and raise charter capital to VND16,598 billion ($731 million).

Shareholders who want to exercise their rights to buy shares must register for the offering no later than January 18, 2022.

Previously in 2021, SeABank managed to increase its charter capital to VND14,785 billion ($651 million) through public offering, ESOP scheme and stock dividend.

The bank officially listed over 1.2 billion shares on the Ho Chi Minh Stock Exchange in March 2021 (HOSE: SSB). After the listing, the SSB price increased steadily for many consecutive sessions.

Notably, SSB’s closing price hit VND45,000 ($1.98) per share on January 5, 2022, pushing SeABank’s market cap to over $2.9 billion and putting it on the list of the 10 banks with the largest cap on Viet Nam’s stock market.

SeABank was recognised among 17 influential credit institutions in Viet Nam’s banking system in 2021. It was assigned a long-term rating of B1, with a positive outlook by Moody’s for three consecutive years. — VNS