Military Bank to sell 211 million shares via private placement

The Vietnamese lender has filed documents to the State Securities Commission, seeking approval for the share issuance and raise foreign ownership limit to nearly 23% from current 21%, regulator said by statement on its website.

At the 2019 Annual General Meeting of Shareholders, the bank’s shareholders approved the plan to raise chartered capital to $1.07 billion from $899 million. The capital increase of $176 million will be made into 2 phases.

In the first stage, the bank increased its charter capital by $70 million through issuing 169 million shares and additional 43 million shares to employees.

In the second phase, bank will increase its charter capital by $88 million via private placement of more than 211 million shares for domestic and foreign partners. MBB will also offer to sell to over 47 million treasury shares.

In 2019, the bank's pretax profit was $417.7 million, up 29%, equivalent to 101% of the whole-year plan.

► Military Bank said to sell 7.5% stake for $240 million: Bloomberg

Source: SSC, VietnamFinance