VPBank (VPB) plans to issue more than 30 million ESOP shares, priced at VND10,000/share in Q3/2023Wednesday, September 27,2023
AsemconnectVietnam - Vietnam Prosperity Joint Stock Commercial Bank (VPBank, code VPB - HOSE) has just passed the Board of Directors Resolution on implementing the plan to sell treasury shares under the employee selection program (ESOP).
Accordingly, VPBank plans to offer 30.22 million treasury shares to employees at a price of VND10,000/share. Subjects eligible to buy shares are Vietnamese employees who meet the regulations on the offering of treasury shares under the employee selection program. Non-executive members of the Board of Directors are not allowed to buy shares sold under the ESOP program.
Treasury shares sold to employees will be frozen (transfer restricted) for a maximum of 3 years from the date of completion of the offering (the date on which payment for shares from employees ends). Specifically, from the end of the offering, 30% of the shares will be released after 1 year; After 2 years, 35% will be released and after 3 years, 35% of the remaining shares will be released. The benefits arising from the purchased shares (if any) will not be subject to transfer restrictions.
The expected implementation time for ESOP issuance is in the third quarter of 2023. The total expected proceeds after the issuance are nearly VND302.2 billion, which will be used to supplement the Bank's liquidity.
The remaining shares not purchased by employees will be distributed to other employees who meet the requirements of the Regulations on offering treasury shares under the ESOP program at a price not lower than VND10,000/share and/or do not continue offering, only record the actual number of registered purchases.
It is known that the latest issuance under the ESOP program ended on August 16, 2022, with an issued volume of 30 million shares, selling price of VND10,000/share.
Regarding business activities, according to the reviewed 2023 mid-year consolidated financial statements, VPBank recorded net interest income of more than VND18,296 billion, down 10.1% over the same period last year; Profit after tax reached approximately VND4,102 billion, down 66.5% over the same period.
With pre-tax profit in the first 6 months of 2023 reaching more than VND5,162 billion, the Bank has only completed 21.5% of the full year target of VND24,003 billion.
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