Foreign ownership cap raised at Techcombank

The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has decided to raise the foreign ownership cap from 22.4951 percent to 22.5076 percent of its charter capital.

The move aimed to enable its foreign employees to purchase 439,000 shares of the bank, coded TCB, via share transfers, according to the Ho Chi Minh Stock Exchange.

At the end of the September 7 trading session, TCB was traded at 21,200 VND (0.9 USD) per share. As a result, the 439,000 shares were valued at some 9.3 billion VND.

Earlier, at its annual shareholders’ meeting, Techcombank had agreed to raise its charter capital from over 35.001 trillion VND to 35.049 trillion VND by issuing more than 4.7 million shares to employees. This plan is expected to be carried out in the third or fourth quarter of 2020.

The firm said providing employees with bonus shares is an important policy helping to promote its internal strength and staff’s loyalty.

Techcombank posted 6.7 trillion VND in pre-tax profit in the first half of 2020, up 19 percent year on year and equivalent to 51.5 percent of this year’s target.

Its total asset value stood at 395.9 trillion VND on June 30, rising 9.8 percent from a year earlier and 3.2 percent from the end of 2019.

Source: Vietnam News Agency