The document for the 2020 Annual general Meeting (AGM) of Saigon Commercial Joint Stock Bank (SCB) included a content of the Board of directors (BOD) about a plan to increase charter capital through offering 500 million shares to existing shareholders, domestic and foreign investors at a price of not lower than 10,000 dong per share. The implementation time is expected in 2020 and completion of issuance is expected in 2020 2021.
With the mobilised capital, the bank plans to spend four trillion dong to supplement business capital, 500 billion dong to invest in fixed assets and information; and 500 billion dong to invest in construction, repair, and upgrade of the headquarter and brand identity system.
In 2020, SCB aims to increase total assets by 12.19 percent to 637.166 trillion dong, lending to customer and mobilisation in market 1 by 13%, reaching respectively 377.283 trillion dong and 553.092 trillion dong. The bank did not disclose the profit target.
SCB’s BOD also submitted to shareholders for approval of the registration of shares with SCB stock code at Vietnam Securities Depository (VSD) and registration of stock transactions on the Unlisted Public Company Market (UPCoM).
The bank also expects to change its head office from 927 Tran Hung Dao, district 1, HCM City to a building at 19 21 23 25 Nguyen Hue, Ben Nghe ward, district 1, HCM City. At the same time, the bank’s BOD also proposed shareholders to authorise the BOD to carry out a number of issues under the authority of the general Meeting of Shareholders such as buying and selling, withdrawing capital at organisations with a value of more than 20 percent of charter capital; and trading of assets valued at over 20 percent of charter capital, etc.
