Dragon Capital Markets Limited, a fund under Dragon Capital Group, has announced that it will buy under agreement method 6,996,084 ACB-coded shares of Asia Commercial Joint Stock Bank. The transaction is expected to take place from March 8th to April 5th.
Previously, the fund had never owned a stake in the bank. However, Dragon Financial Holdings owns 69.96 million ACB shares. Dominic Scriven OBE, Chair of Dragon Capital, is also a member of ACB’s Board of directors, and is currently assuming director position of the Fund.
Recently, the State Securities Commission (SSC) has received sufficient documents from ACB on share issuance to pay dividends on March 1. The plan to issue shares to make 2016 dividend payment at 10 percent was approved by ACB shareholders since the previous meeting. Thus, in the near future, the issuance of shares to make dividend payment will soon be carried out. ACB will increase its chartered capital to over 11.258 trillion dong.
Shareholders owning every 10 shares will receive one more share. Dragon Financial Holdings expects to receive an additional of 6.996 million shares, roughly equivalent to the amount of shares that Dragon Capital Markets Limited registers to purchase. In fact, share transactions of foreign investors are not very exciting because the foreign ownership at this bank has now reached the maximum of 30 percent. Foreign investors can only increase their ownership through intra-block transactions.
This is possibly the agreement transaction among Dragon Capital group itself.
