Fullerton Financial Holdings raises holding in MDB

The State Bank of Vietnam (SBV)’s governor, Nguyen Van Binh, on June 25, 2012 issued a Dispatch No 3844/NHNN-TTGSNH approving the proposal to raise holding of Fullerton Financial Holdings (FFH) in Mekong Development Joint Stock Commercial Bank (MDB).

In particular, the central bank’s governor allowed FFH to raise its holding in MDB from 15 percent stake to 20 percent via receiving the share transfer from Tin Phat Fund Management Joint Stock Co (TPF) but the total stake holding of FFH and related people would not exceed 20 percent of chartered capital of MDB.

Earlier, on December 9, 2010, MDB officially finalised its chartered capital increase from one trillion dong to three trillion dong. In this chartered capital increase, MDB sold 15 percent stake for its strategic partner namely FFH.

FFH is a financial investment firm with 100 percent stake held by Singapore-based Temasek Holdings Pte.Ltd Group. This company plans to raise its holding to 20 percent stake in MDB in 2011. FFH bought 45 million MDB shares at the issuing price of 20,000 dong/share.

In 2011, MDB raised 6.121 trillion dong, exceeding 125 percent of the plan.

The bank’s total outstanding loans till the end of 2011 reached 3.186 trillion dong, growing 18 percent from early last year. Its pre tax profit was 500 billion dong, surpassing 39 percent of the year’s plan and after tax profit was 380.7 billion dong. The lender’s bad debt ratio was controlled at 2.08%.

Last year, MDB has finalised its chartered capital increase from three trillion dong to 3.75 trillion dong via issuing bonus shares to the shareholders at the ratio of 4:1.

 

Category: Finance