VIB Prepares For The Unusual General Meeting Of Shareholders

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The Board of directors of International Commercial Bank (VIB) has just announced a resolution on closing the list of shareholders attending the 2020 annual general meeting (AGM). Accordingly, the last date to close the list to attend the unusual AGMs September 7, 2020. The expected date of the meeting is October 6, 2020 in HCM City.

The content of the unusual meeting was told by bank to approve the contents of the capital increase and revised charter. The meeting method can be online or in person, decided by the Board of directors and notified to shareholders later.

Regarding capital raising, before that, at 2020 June 30, the bank’s shareholders agreed to approve the plan to increase capital from 9.245 trillion dong to 11.094 trillion dong this year through the bonus share payment at the rate of 20%. The source to increase capital comes from the development investment fund; reserve to supplement charter capital and undivided profit after tax, totalling 1.849 trillion dong. With the additional capital, VIB is expected to spend the majority (1.349 trillion dong) on credit enhancement; 300 billion for investment in liquid assets; 100 billion VND to upgrade the branch network and 100 billion dong to invest in facilities, technology, products and risk management capacity.

In the first six months of this year, VIB achieved pre-tax profit of 2.356 billion dong, equivalent to 52 percent of the whole year plan and increased sharply year-on-year despite the outbreak of disease. This bank plans to move its listing from UPCoM to HSX in November. Currently, VIB shares are traded at VND 21,800 per share (August 26), an increase of 1.5 times compared to April.


Category: Finance, Vietnam

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