VPBank attracts US$1.2 billion in pre-listing purchase offers
Saturday, August 19,2017AsemconnectVietnam - The Vietnam Prosperity Joint Stock Commercial Bank (VPBank) started listing 1.3 billion shares on the Ho Chi Minh Stock Exchange on August 17, while having received US$1.2 billion worth of purchasing offers from foreign investors.
Both VPBank and Viet Capital Securities Company (VCSC) had approached more than 80 foreign investors, and most of the investors made pre-listing buying offers for the bank’s shares at the price of VND39,000 (US$1.73), according to To Hai, director of VCSC.
Hai said at VPBank’s pre-listing seminar on August 15 that the value of foreign investors’ pre-listing purchasing offers might be a historical milestone for Vietnam’s banking sector, even in the golden age of commercial banks in 2007, and it would be hard to repeat a similar-valued deal in the future.
The share price of VND39,000 was decided by the market demand, not by VPBank and VCSC, he said, adding that VPBank’s shares had more room to grow.
“The gap between large-cap and small-cap banks is getting wider. In the next four to five years, there will be banks whose market capitalisation reaches more than US$10 billion, and VPBank could be among them.”
According to Nguyen Duc Vinh, general director of VPBank, there were two reasons that made the bank’s board managers decide to put its shares on the stock exchange.
Firstly, VPBank is in the final year of its five-year development stage from 2012 to 2017, and it has reached its pre-set targets. The bank’s profits have kept risen year on year with 2016 profit five-folding 2012 number.
Its achievements have brought benefits to both shareholders and customers, raising its market status to one of the best-performing banks in the banking system. The management board has met to review its old business strategy and come up with a new one for the next three to five years.
Secondly, the plan will help the bank develop its business on high-quality and specialised products and services, generating additional values for its employees, investors and the society.
By listing its shares on the stock market, the bank hopes to draw more investment from those that have financial strength, professional knowledge and skills, and make great contribution to its development.
In the past seven months of 2017, VPBank posted VND2.34 trillion in pre-tax profit, a yearly increase of 107%, and a total asset of nearly VND254 trillion.
GC Food (GCF) target VND523 billion revenue in 2023
Mobile World (MWG): Revenue of Mobile World and Dien May Xanh chains down 32% in the first 2 months of 2023
SHS Securities reported a profit of VND197.2 billion in 2022 after the audit
IDI Multinational Development and Investment (IDI): Profit expected down 66.7% to VND186 billion in 2023
International Bank (VIB) spends over VND1,000 billion to pay the remaining dividend in 2022
Business activities of seafood companies in March 2023
Eximbank (EIB) target VND5,000 billion profit, up 34% in 2023
Business activities of banks in March 2023
Saigon Newport announced Tan Cang - Long Binh dry port and Organized the Customer Appreciation Conference in Dong Nai
VIB General Meeting of Shareholders: Approved the plan to pay 35% dividend, profit VND12,200 billion
In 2023, Refrigeration Electrical Engineering (REE) plans to increase profit slightly by 0.3% to VND 2,700 billion
PVOIL (OIL): Outstanding output growth in 2022
Sudico AGM (SJS): Growth target in 2023 from 10-15% of revenue
In 2023, Hoang Huy Investment Services (HHS) expects profit up and dividend of 8%
Plan on implementing Decision No. 327/QD-TTG dated March ...
Concretize viewpoints, objectives, tasks and solutions of the plan in accordance with practical conditions of the locality, associating ...Plan on implementing national environmental protection ...
Implementation plan of marine aquaculture development ...
Program on conservation and development of Vietnamese ...
Plan on improving quality of human resources to 2025 and ...
Efforts taken to turn culinary culture into national ...
The Vietnam Cuisine Culture Association (VCCA) is taking steps to implement a project to build and develop Vietnamese culinary culture ...Vietnamese cuisine making a name for itself with ...
Vietnam advance to next round of AFC U20 Women’s Asian Cup
Cultural tourism and traditional values promoted through ...