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Oriental Commercial Joint Stock Bank (OCB – Code: OCB) has just announced that August 30th is the record date for shareholders to receive dividends in shares at a ratio of 20% (shareholders owning 5 shares on the record date will receive 1 new share).
According to the plan, the bank will issue nearly 411 million shares to pay dividends to shareholders. The source of issuance is the undistributed post-tax profit accumulated up to the end of 2023.
After the issuance, OCB’s chartered capital is expected to increase to nearly VND 24,658 billion.
Previously, the State Bank of Vietnam (SBV) also approved OCB’s plan to pay dividends in shares.
In addition to the above capital increase plan, OCB also expects to issue 5 million shares under the Employee Stock Ownership Plan (ESOP) at a price of VND 10,000/share. The new ESOP shares will be subject to a 4-year lock-up period from the issuance date, with a 25% allocation per year.
Furthermore, the bank also plans to offer a maximum of 882,353 shares in a private placement with a total expected value of over VND 8.8 billion. The offering price will not be lower than the book value per share of the bank at the end of the latest quarter prior to the issuance.
As disclosed at the Annual General Meeting of Shareholders, the OCB management board stated that the purpose of the private placement is to ensure that Aozora Bank maintains a 15% ownership ratio after the ESOP issuance.
With these three plans, OCB’s chartered capital will increase from VND 20,548 billion to VND 24,717 billion. The proceeds from the capital increase will be used to supplement the bank’s operating capital and for investment, lending, and the purchase and construction of physical assets.
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