Vietbank to make UPCoM debut on July 30

Friday, Jul 26, 2019 14:56

Vietbank will put 419 million shares up for trading on the Unlisted Public Company Market at the end of July with a starting price of VND15,000 (US$0.65) per share. — Photo

Viet Nam Thuong Tin Joint Stock Commercial Bank (Vietbank) will debut on the Unlisted Public Company Market (UPCoM) with more than 419 million shares on July 30.

The bank’s trading code is VBB, according to UPCoM’s regulatory agency the Ha Noi Stock Exchange. The shares will start trading at a price of VND15,000 (US$0.65) per share, valuing the business at VND6.28 trillion ($270 million).

On the day of their debut, the shares will be able to be traded within a band of 40 per cent on either side of the starting price. This means Vietbank's shares could fall as low as VND9,000 or rise as high as VND21,000 per share in the first day of trading.

Vietbank will become the 18th bank to trade shares on the Vietnamese stock market and the fifth on UPCoM.

The four other banks trading on UPCoM are Bac A Joint Stock Commercial Bank (BAB), Kien Long Commercial Joint Stock Bank (KLB), Lien Viet Post Joint Stock Commercial Bank (LVP) and Vietnam International Commercial Joint Stock Bank (VIB).

Vietbank has charter capital of VND4.19 trillion. According to the bank’s 2018 annual report, it has no majority shareholders.

Nine organisations hold 32.48 per cent of the bank’s capital and the remainder is held by 258 individual investors.

In 2018, Vietbank earned VND401 billion ($17.24 million) in pre-tax profit. It has targeted a pre-tax profit gain of 25 per cent year on year to VND500 billion this year.

In the first six months of 2019, the bank recorded 24 per cent more pre-tax profit than in the first half of 2018, or VND250 billion.

As of the end of June, its total assets reached VND56.6 trillion, including VND37.24 trillion worth of loans, VND7.4 trillion worth of securities investments and VND6.3 trillion worth of savings. — VNS

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