The Departing Dame of Banking

Vietnamese stocks saw a positive week, with the VN-Index climbing 37.72 points to 1,283.04. Similarly, the HNX-Index rose 4.72 points to 242.31. On the HoSE, foreign investors sold a net of over 62 million units for five consecutive sessions, amounting to more than 2.308 billion in value. In contrast, foreign investors bought a net of 5 sessions on the HNX, totaling 2.19 million units worth nearly 99 billion VND. In the Upcom market, foreign investors sold a net of 734,490 units but still managed a net buy value of over 46 billion VND.

For the trading week from July 1st to 5th, foreign investors sold a net of 60.57 million units on the overall market, with a corresponding net sell value of over 2.163 billion VND.

Chairman Steps Down

Kienlong Commercial Joint Stock Bank (KienlongBank), with the stock code KLP, announced that Ms. Tran Thi Thu Hang would step down as Chairwoman of the Board of Directors, effective July 9th, due to personal reasons. Ms. Hang will continue her work at KienlongBank as a member of the Board of Directors, contributing to the bank’s strategic direction.

Mr. Tran Ngoc Minh, Vice Chairman and General Director of KLB, will assume the role of Chairman of the Board of Directors. Mr. Tran Hong Minh, Deputy General Director, has been assigned by the Board of Directors to act as the authorized General Director of KLB.

KienlongBank plans to hold an extraordinary general meeting this year. The record date for existing shareholders to exercise their nomination, nomination, and attendance rights at the extraordinary general meeting is August 26th. The extraordinary general meeting is expected to be held in October 2024 in an online format.

At the meeting, KLB will seek shareholder approval for the regulations on the Organization and Operation of the Board of Directors and the Supervisory Board, the Internal Governance Regulations of KienlongBank, and other related matters. KienlongBank will also adjust the structure and number of members and elect additional independent members to the Board of Directors and the Supervisory Board for the 2023-2027 term.

KienlongBank is not alone in holding an extraordinary general meeting in 2024 due to the Law on Credit Institutions taking effect. Other banks, including VIB and MBBank, held theirs in June 2024, while PGBank and LPBank are scheduled for July and August 2024, respectively.

TTC Land has approved the liquidation of two subsidiaries: TTC Land Retail Management One-Member Limited Liability Company and TTC Land Phu Quoc Real Estate Investment One-Member Limited Liability Company. The decision aims to restructure its group of subsidiaries for more efficient operations. TTC Land has invested 1.3 billion VND in TTC Land Retail Management and 50 million VND in TTC Land Phu Quoc.

As of March 31st, TTC Land directly owns 11 subsidiaries and holds stakes in 2 associated companies.

Generous Dividends

Saigon-Hanoi Commercial Joint Stock Bank (SHB) has set July 19th as the record date for a 5% cash dividend payout. The dividend payment date is scheduled for August 6th. Additionally, SHB is in the process of finalizing the necessary procedures for a 11% stock dividend payout in the third quarter of 2024, subject to approval from the State Securities Commission.

HDBank’s Board of Directors has resolved to distribute 2023 dividends at a rate of 30%, comprising a 10% cash dividend and a 20% stock dividend. With a total dividend rate of 30%, HDBank is among the banks offering the highest dividends in 2024. The record date for the cash dividend is July 15th, and the expected payment date is July 26th.

HDBank will also proceed with the stock dividend distribution as per the resolution passed by the general meeting of shareholders. On July 12th, Nam A Bank will finalize the list of shareholders eligible for a stock dividend issuance to increase its charter capital from its owner’s equity. The dividend issuance rate is set at 25%, resulting in a charter capital increase of VND 2,654 billion. For ESOP, Nam A Bank plans to issue 50 million shares, increasing its charter capital by VND 500 billion. The offering price for employees is VND 10,000 per share.