Tien Phong Joint Stock Commercial Bank (TPBank, coded TPB) has just completed the private offering of shares to more than 20 investors. The sale took place in more than half a month and helped TPBank earn more than 2.190 trillion dong.
The bank offered for sale a total of 87.63 million shares. The issuance drew the attention of many large investors.
PYN Elite Fund, a Finnish investment fund with the asset scale of euro 450 million, equal to more than 12 trillion dong, purchased more than 33.5 million TPB shares, equal to 38 percent of the shares offered for sale.
Thereby, FYN Elite Fund is holding 4.99 percent stake of the bank. With the price of 25,000 dong per share, this investment fund spent nearly 840 billion dong.
SBI Holdings also purchased an additional of 15 percent to maintain the ownership rate like the pre-sale moment (nearly 20 percent). Another finance investor i.e. Saigon Securities JSC also purchased an additional of eight million shares, thereby holding 1.19 percent stake in TPBank.
Along with the separate share issuance, IFC accepted to change the entire preference shares that it is holding into common stocks. The company invested in TPBank nearly two years ago.
Along with the investment in the bank, IFC also provides loans with huge value through TPBank. This organisation also participates in consulting TPBank in such fields as bank management, risk management and improvement of development capability.
Ten percent of the newly mobilised capital from investors in this issuance will be used to invest in infrastructure, develop IT system to serve network development demand, while 60 percent will be used to supplement medium and long term capital for lending corresponding terms. In addition, 30 percent of the mobilised capital will be used to supplement the bank’s working capital.
