Bank issues convertible bonds to partners
The International Finance Corporation (IFC) will buy VND480 billion ($24 million) worth of bonds, convertible into a 10-per-cent stake in the bank after two years. Strategic shareholder May Bank will buy the remaining VND120 billion ($6 million) worth of bonds, aiming to maintain its current 20-per-cent stake in An Binh Bank.
"Funds raised through this issue will be allocated to the bank's medium- and long-term capital and to upgrade infrastructure," said bank chairman Vu Van Tien.
The bonds will have a face value of VND1 million ($50) and pay a yield of 6.9 per cent per year. One bond will be convertible into 100 shares.
AB Bank has also closed registration for bonus shares to be issued at a 1:10 ratio. The bank is attempting to raise funds in order to increase charter capital from VND3.4 trillion to VND3.8 trillion ($190 million), with a further increase to VND4.8 trillion ($240 million) within two years.
What the stars mean:
★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional
Tag:
Related Contents
Latest News
More News
- Vietnam - a success story in development path: WB Vice President (November 26, 2024 | 10:10)
- Agribank outlines obligation towards ESG-friendly policies (November 25, 2024 | 15:00)
- Integration of ESG criteria at SHB propels bank forward (November 25, 2024 | 14:44)
- Considerations to be made in light of US vote outcome (November 25, 2024 | 14:00)
- HDBank in triple victory at listed company awards (November 25, 2024 | 11:38)
- Malaysia's Solarvest and Finhero launch first solar financing fintech solution in Vietnam (November 22, 2024 | 19:50)
- SHB honoured at VLCAs for fourth time (November 22, 2024 | 19:08)
- Central Bank of Cuba chief visits Hanoi to work with VBSP (November 22, 2024 | 15:49)
- Credit sees steady growth towards year-end (November 21, 2024 | 17:46)
- HDBank wins three titles at Vietnam Listed Company Awards (November 21, 2024 | 10:01)
Mobile Version