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BIDV plans to raise another $229.1 million  in charter capital

The Joint Stock Commercial Bank for Investment and Development of Viet Nam (BIDV) plans to issue shares to increase its charter capital by VND5.3 trillion (US$229.1 million).

 

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BIDV plans to raise total charter capital to VND45.55 trillion, making it the bank with the largest charter capital in Viet Nam. — Photo cafef

According to a document sent to the bank’s shareholders, after the issue, BIDV’s total chartered capital will reach about VND45.55 trillion, up 13.3 per cent compared to the end of 2019.

For the added capital, BIDV plans to issue more than 251 million shares in the manner of public offering or private offering at VND10,000 each.

Also, the bank will issue about 282 million shares to pay dividends for its shareholders at the ratio of 7 per cent in the third or fourth quarter. The plan was waiting for approval by the competent State agencies and if it is approved, the bank will issue the additional shares in the 2020-21 period.

The added capital will be spent on the bank’s credit activities, investment activities, investment in infrastructure, technology, development of new products and services and quality improvement.

In 2019, BIDV completed raising capital from issuing shares to foreign strategic investor KEB Hana Bank at a value of nearly VND20.3 trillion, bringing the total charter capital to VND40.2 trillion, becoming the bank with the largest charter capital in Viet Nam.

This year, BIDV plans profit before tax of VND12.5 trillion, an increase of 15 per cent compared to 2019.

Last year, it recorded VND10.77 trillion in total pre-tax profit, up 14 per cent on-year.

The bank’s annual general meeting will be held at its headquarters in Ha Noi on March 7.

On March 2, BIDV shares (HoSE: BID) were unchanged at VND45,500 each on HCM Stock Exchange. — VNS

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