On June 4, 2018, Vietnam Technical and Commercial Joint Stock Bank (Techcombank-TCB) officially listed more than 1.16 billion shares on Hochiminh city Stock Exchange (STC).
Techcombank was established at the beginning of September 1993 with the original chartered capital of 20 billion dong. So far, the bank has had more than 11.655 trillion dong chartered capital and approximately 40 trillion dong equity.
As of May 11, 2018, Masan Group was Techcombank’s only major shareholder, holding 14.99 percent stake of the company. With the starting price of 128 trillion dong, the assets owned by Masan at Techcombank reached about 22.360 trillion dong.
Techcombank’s current shareholder structure includes 22 percent stake owned by foreign investors including the world’s largest investment funds such as Dragon Capital, Capital Group, Clermont Group, GIC, and Fidelity.
With the range of 20 percent in the first trading session, TCB shares will hit the ceiling rate at 152,000 dong per share and the floor rate at 102,000 dong per share.
In related news, the bank has also announced to organise the extraordinary shareholders’ meeting on June 14, 2018 in order to submit for shareholders’ approval of the methods to increase chartered capital from the equity.
With the new chartered capital expected at 34.965 trillion dong, shareholders will receive more shares at 1:2 ratio (each current share will receive two new shares).
The target of this capital increase is to share benefits with shareholders through the distribution of retained earnings in the most three recent years, capital share surplus and chartered capital supplementation reserve fund.
