The Board of Directors of TCBS has approved changes to the implementation plan for the share issuance and charter capital increase, including but not limited to: (1) withdrawing the registration dossier submitted to the SSC; (2) submitting to the AGM for approval the contents related to the issuance, including amending the issuance plan and approving the full amended plan; and (3) performing other tasks and procedures related to changing the plan for implementing the issuance scheme.
TCBS also announced that it would resubmit the registration dossier to the SSC after completing the above tasks.
According to the plan approved at the 2024 AGM, TCBS intended to issue over 1.7 billion bonus shares in 2024, equivalent to a ratio of up to 800% of the circulating shares, thereby increasing the number of shares to over 19.6 billion, corresponding to a charter capital of more than VND 19.6 trillion.
The issuance capital was to be sourced from TCBS’s nearly VND 9.2 trillion capital surplus, followed by retained earnings – realized post-tax profits of over VND 8.2 trillion as of December 31, 2023, per the 2023 audited financial statements.
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TCBS’s Issuance Capital Source
Source: TCBS
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Looking back at the AGM, the approved resolution also mentioned agreeing to authorize the Board of Directors to decide on amending, supplementing, and adjusting the issuance scheme approved by the General Meeting to suit practical situations and state agency requirements to ensure a successful issuance.
TCBS’s 2023 profit distribution plan showed that the company intended to use more than VND 9,400 billion to pay cash dividends to shareholders and increase charter capital from retained earnings.
Of this, TCBS allocated VND 8.2 trillion from undistributed cumulative profits – realized post-tax profits to increase capital. The remaining amount was nearly VND 1.2 trillion for cash dividend payments, expected to be equivalent to 55% of the total common shares in circulation as of December 31, 2023.
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TCBS’s 2023 Profit Distribution Plan
Source: TCBS
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The General Meeting also approved a pre-tax profit target of VND 3.7 trillion, up 22% from the 2023 performance.
In reality, TCBS’s business results for the first six months of 2024 showed a pre-tax profit of nearly VND 2.8 trillion, up 177% over the same period last year, equivalent to 75% of the 2024 plan. Finally, TCBS’s net profit was over VND 2.2 trillion, up 187%. This is a record number for TCBS.
| TCBS’s Net Profit for the Last Five Half-Year Periods |
Huy Khai
