SeABank and Nam A Bank Boost Capital with Stock Issuance
On July 3rd, the Board of Directors of the Southeast Asia Commercial Joint Stock Bank (SeABank) approved a plan to issue shares to pay dividends, increase charter capital from owned funds, and offer an Employee Stock Ownership Plan (ESOP). SeABank plans to issue 329 million shares as dividends for 2023 and allocate 10.3 million shares to increase charter capital from owned funds, totaling a nearly 14% ratio. The expected timeline for this initiative is the third quarter of 2024. Additionally, the bank will issue 45 million ESOP shares this year.
Following these issuances, SeABank’s charter capital will increase by VND 3,843 billion to VND 28,800 billion. This strategy aligns with the roadmap approved by the State Bank of Vietnam and the bank’s annual general meeting in 2024. As per the approved plan, SeABank also intends to issue a maximum of 120 million shares through private placement and/or debt-to-equity swaps. This move aims to further increase its charter capital to VND 30,000 billion and will be implemented in 2024 or 2025, after finalizing the list of shareholders eligible for dividends and capital increase from owned funds.
Meanwhile, the Board of Directors of Nam A Commercial Joint Stock Bank (Nam A Bank) has also announced a resolution to finalize the list of shareholders for issuing shares to increase charter capital from owned funds in 2024. Nam A Bank will finalize the shareholder list on July 12th, with a planned issuance of over 264 million shares, resulting in a total issuance value of more than VND 2,645 billion at par value.
Several banks have recently increased their charter capital.
Additionally, the Hanoi-Saigon Commercial Joint Stock Bank (SHB) has set July 19th as the record date for implementing a 5% cash dividend payout. The dividend payment date is scheduled for August 6th, in accordance with the resolution of the bank’s 2024 annual general meeting. Specifically, SHB will distribute 2023 dividends at a rate of 16%, comprising 5% in cash and 11% in shares, potentially raising its charter capital to VND 40,658 billion. The bank is in the process of finalizing the necessary paperwork and preparations for the issuance of the 11% dividend in shares during the third quarter of this year.
Recently, the State Bank of Vietnam adjusted SHB’s registered capital to over VND 36,629 billion following the successful issuance of over 43.5 million shares under its ESOP program. Another notable development is the increase in charter capital by the Vietnam Technological and Commercial Joint Stock Bank (Techcombank), which has received approval from the State Securities Commission of Vietnam to raise its charter capital to VND 70,450 billion through the issuance of shares from owned funds (bonus shares). The expected issuance ratio is 100%, meaning that for every share owned, shareholders will receive one new share.
Once completed, Techcombank’s charter capital will rank second in the banking system, just behind VPBank’s VND 79,339 billion. According to these banks, the continuous capital supplementation is essential to support growth objectives and enhance competitiveness. It provides a foundation for their development and strengthens their financial capabilities.
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Next week, a bank will finalize the entitlement to receive a 40% bonus stock after 12 years of no dividends.
The most recent dividend payout by this bank was in 2012, with a cash dividend rate of 10.38%.
