MSB to issue 18 million ESOP shares priced at VND10,000 each

12-Jun-2021 Intellasia | NDH | 5:02 AM Print This Post

The Board of directors of Maritime Commercial Joint Stock Bank (MSB) has approved the plan to issue shares under the Employee Stock Ownership Programme (ESOP). This programme is part of the policy of recruiting and retaining talents as well as encouraging employees’ contributions to the overall development of the bank.

According to MSB, there will be 10 million ESOP shares issued in this round at the selling price of 10,000 dong per share. Currently, the total shares in circulation of MSB are 1,157,000,000 shares, and the issuance rate this time is equivalent to 1.53 percent of the total shares calculated based on the charter capital. All of these ESOP shares are issued from the remaining source of treasury shares after offering 82.5 million treasury shares to existing shareholders in January 2021.

The shares issued to MSB’s employees who satisfy the criteria of seniority, grades, making positive contributions to the development of the bank or being the key personnel for key projects, etc. These shares are limited to transfer within three years from the date of the completion of the issuance. Shares will be immediately issued after MSB receives approval from the State Securities Commission, expected in the third quarter.

Regarding the business results, after the first five months of 2021, the pre-tax profit of MSB was over 2.2 trillion dong, more than four times higher than the same period of 2020, completing 68 percent of the 2021 plan. The contributions of net interest income and non-interest income to this profit number were respectively nearly 2.5 trillion dong and over 1.2 trillion dong, up by 79 percent and 64 percent compared to the same period of last year. The total assets as of March 31st 2021 of MSB were 186.907 trillion dong, up by six percent compared to the beginning of the year, ranking fourth among mid-range banks.

At the annual general meeting this year, shareholders approved MSB’s plan to increase charter capital by 30 percent from the distribution of year 2020 dividends in shares, which is expected to be implemented in the third and fourth quarters this year. After this, MSB’s charter capital will increase to nearly 15.3 trillion dong.

Currently, the market price of MSB has risen by over 50 percent since the beginning of the year. The average trading value in the past two months fluctuated from 10 11 million shares per session. MSB shares were included in the VN Diamond basket from the end of April and are expected to be allowed for margin trading in June after meeting the requirements for a six-month listing period. With the amount of shares about to be issued to the market in the third quarter and particularly after MSB is allowed to provide margin. It is expected that the liquidity of shares traded in each session will be able to enter the Top 10 banks listed in all the three stock exchanges.

 

Category: Finance, Vietnam

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