Vietnam’s bank SHB to issue over 552 million shares

Saigon-Hanoi Bank got approval from State Securities Commission to issue over 552 million shares worth $236.4 million to existing shareholders for raising chartered capital and stock dividends, the bank announced in a statement on Friday.

Of the amount, nearly 301 million shares will be offered to existing shareholders while about 251 other shares will be issued for 2017, 2018 stock dividends at 21%. Each shareholder who owns 100 shares will receive an additional 21 new shares.

Recently, the Vietnamese lender got approval from the State Bank of Vietnam to raise charter capital in the form of issuing shares to existing shareholders. The charter capital increase plan has been approved by shareholders.

By paying dividends in the form of shares and issuing shares to the public, the bank will increase its charter capital by VND5,534 billion ($236.8 million) to more than VND 17,570 billion ($752 million).

SHB raises capital to meet Basel II standards by 2020, boosting investment in information technology as well as improving financial capacity to expand the Bank’s lending scale.

► Amazon teams up with T&T and SHB to develop cross-border e-commerce