The HCM Stock Exchange (HOSE) has approved the listing of Vietinbank’s subsidiary Securities Company (VietinbankSc) at a starting price of VND10,950 per share (50 US cents).

HOSE said it approved the listing of 90.4 million shares on June 13, and that these shares would be available for trading on June 20, under the code CTS. The price fluctuation band on the first trading day is 20 per cent of the reference price.

After the VietinbankSc’s 2017 Annual General Meeting of Shareholders, the company passed its plan to transfer its shares from the Ha Noi Stock Exchange (HNX) to the HOSE.

Soon after on May 18, VietinbankSc registered to list all the shares on HOSE and cancelled the listing on HNX on June 15. During its last trading session on the HNX on June 14, CTS was traded at VND11,500 per share.

Recently, HOSE and HNX said that they maintained CTS stock in the VNX AllShare index basket during the suspension period (after its last trading day on HNX on June 14, until its first trading date on HOSE on June 20) to transfer VietinbankSc’s listing registration from HNX to HOSE.

Prices, volume indices and free float ratio of CTS during the suspension period will be the same as the figures during the last trading session on the HNX on June 14.

In the first quarter of this year, VietinbankSc recorded revenue of over VND59.6 billion from securities trading activities, up 36 per cent year-on-year. Pre-tax profit reached more than VND38 billion, up 59 per cent year-on-year, equivalent to 29 per cent of the yearly target. Net profit was estimated at VND30.8 billion, up 60 per cent year-on-year.

In 2017, VietinbankSc expects to pay a dividend of 8 to 10 per cent to its shareholders. — VNS