Top officials of LienVietPostBank (LPB) have pledged to move the stock listing to the Hochiminh Stock Exchange from the market for unlisted public enterprises or UPCoM within this year to improve LPB’s prestige and trademark with local and international investors and customers and ensure LPB shares see better liquidity, thus benefiting shareholders.
Speaking at an annual general meeting on June 25, Pham Doan Son, general director of the bank, said the plan had moved at a slow pace in the past due to unfavourable financial conditions. However, it will be completed within this year as a consulting unit has been found.
At present, the LPB share price is some VND9,000, way below the par value. Meanwhile, it has a book value of up to VND14,000.
In the first six months of this year, LPB saw VND1 trillion in profit, most likely meeting this year’s goal at some VND1.7 trillion. In 2020, the State Bank of Vietnam allocated the bank a credit growth rate quota from 10 percent to 10.75%.
At the meeting, shareholders of LPB approved the expansion of foreign ownership limit from 5 percent to 9.99%, allowing the bank to issue shares for qualified foreign investors via private placement.
Besides this, LPB had plans to issue shares for existing shareholders at a ratio of 10%, raising its chartered capital to some VND10.7 trillion.
This year, customer support programmes amid the ongoing Covid-19 pandemic may cut into the lender’s profit by some VND300 to VND400 billion. The bank will focus on stabilising the manpower network to reduce operating costs in the next few years.
https://english.thesaigontimes.vn/77353/lbp-to-move-listing-to-hose-this-year.html
