OCB issues over US$39.6 million worth of shares
The Orient Commercial Joint Stock Bank (OCB) has successfully issued shares worth more than VND900 billion (over US$39.6 million) to increase its chartered capital.
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According to the bank, 90.01% of its existing shareholders bought 90.38 million shares at price of VND10,000 apiece among 100.4 million offered shares, equal to 20.5% of the bank’s chartered capital.
OCB said that the additional capital was to increase the bank’s financial status and meet the capital adequacy ratio (CAR) of Basel II standards.
In addition, OCB issued 69.55 million shares to pay dividends in 2018, equal to 14.2% of the bank’s chartered capital.
After the two issues of nearly 160 million shares, OCB’s chartered capital increased from VND5 trillion (US$220.3 million) to nearly VND6.6 trillion (US$290.7 million).
The State Bank of Vietnam has recently permitted OCB to open five new branches and two new transaction offices, raising its network to 39 branches and 88 transaction offices nationwide.
OCB reported that its total assets by the end of June rose 7.7% against early this year to VND90.83 trillion (US$4 billion). The bank’s pre-tax profit in the first half of this year surged sharply by 2.6 times year-on-year to more than VND1.3 trillion (US$57.3 million), helping the bank meet 65% of its annual profit target.
According to OCB Chairman Trinh Van Tuan, the bank plans to list on the HCM Stock Exchange in the second half of this year. After the listing, OCB’s market capitalisation is expected to reach US$1 billion.
