Tien Phong Commercial Joint Stock Bank (TPBank TPB) has announced its completion of buying 10 million treasury shares registered previously. The transaction was made from March 20th to March 26th 2020. The highest buying price was 22,700 dong per share and the lowest buying price was 21,300 dong per share. The amount of capital TPBank used to buy treasury shares was about 220 billion dong. After the transaction, TPBank raised the volume of treasury shares to more than 40 million units.
TPBank is one of the businesses which has applied the method of purchasing treasury shares in the recent time in order to reduce the volume of outstanding shares, increasing the value for shareholders. The bank is also one of the leading businesses took the lead, registered and completed the purchase.
It is estimated that about 30 businesses have announced to buy treasury shares in the last month to stabilise the stock prices when the market fell into an overall downturn due to the Covid-19 pandemic. In particular, the estimated amount of capital businesses expected to pour into the market via treasury shares reaches about four trillion dong.
In addition to the treasury share buoy, in recent days, leaders of businesses have also made announcement on their registration to buy a large amount of shares of their own businesses. This is also a “life buoy” which has just been thrown into the market. As estimated, about two trillion dong of business leaders will be injected to the market during this period.
