Ho Chi Minh Stock Exchange has announced that an addition of 400 million STB-coded shares of Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) would be traded on this September 25.
This is the number of shares that Sacombank issued to swap shares of the Southern Commercial Joint Stock Bank (Southern Bank) on October 10, 2015 under a plan of merger.
Two years after the merger, Sacombank’s 400 million shares are finally listed and circulated, raising the amount of STB on the market up to 1.88 billion units.
At the end of August 23, market price of a STB share was VND11,800 (roughly US$0.52575), increasing VND100 (around US$0.00446) per share, equal to 0.85%.
After the merger, Sacombank has got a lot of changes including the significant increase in the charter capital, the branch network and transaction offices. The latest meeting of shareholders held on April 30, 2017 has opened a new chapter for Sacombank with the establishment of the new Board of Directors headed by Duong Cong Minh.
Sacombank has also collected VND2,520 billion (roughly US$112.28 million of bad debt). On the first day of inauguration, he set a target of gaining a VND1,000 billion profit (approximately US$44.56 million) and collecting VND20,000 billion (roughly US$891.11 million) of bad debt.
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