The State Bank of Vietnam (SBV) has just issued Document No. 5171/ NHNN-TTGSNH on the increase of charter capital of Asia Commercial Joint Stock Bank (ACB). This document is valid for 12 months from the date of signing. Accordingly, SBV approved the increase of ACB’s chartered capital from 12.886 trillion dong to 16.627 trillion dong according to the plan approved by the general Meeting of Shareholders at the Annual general Meeting of 2019.
SBV required ACB to increase its charter capital in accordance with the law on shareholders’ ownership limits in accordance with the Law on Credit Institutions; supervise the transfer of shares of foreign shareholders to ensure that ACB and foreign shareholders complied with the prescribed share ownership limits.
At the annual shareholders’ meeting in 2019, a plan to pay dividends by shares at the rate of 30 percent was approved (shareholders owning 10 shares would receive three more shares), equivalent to issuing 374 million shares, thereby increasing the charter capital by 3.741 trillion dong to 16.627 trillion dong.
According to the proposed plan, 2.035 trillion in additional capital will be used for credit activities, investment in government bonds, ensuring operational safety indicators and supplementing medium and long-term capital. The remaining of over 1.7 trillion dong will be used to purchase more fixed assets, basic construction and procurement of tools for the operation of branches.
