SHB likely to be listed on stock market

24/10/2007 -- 4:03 PM

Ha Noi (VNA) –The Saigon-Ha Noi Commercial Bank (SHB) will ask for the State Securities Committee’s permission to list its shares on the Ha Noi Securities Trading Centre in December this year. With the move, the bank will be the third commercial bank in Viet Nam to be listed on the stock market, after the Saigon Thuong Tin Commercial Bank (Sacombank) and the Asian Commercial Bank (ACB). To expand operations, SHB plans to set up securities, real estate and fund management companies which are expected to become operational late this year. The bank’s financial leasing and insurance companies will make their debuts in 2008. The bank will increase charter capital from 500 billion VND (31 million USD) to 2 trillion VND (124 million USD) by the end of November, the chairman of the bank’s management board, Do Quang Hien, said. This was the first step in the bank’s plan to raise charter capital to 4.5 trillion VND (280 million USD) by 2008. The bank will also issue 150 million additional shares to existing shareholders and strategic partners, including the Vinacomin Group and the Viet Nam Rubber Industry Corporation. Each strategic partner will buy 30 million shares while existing shareholders are offered to buy new shares at a ratio 1:1.4.-Enditem
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