$42 million in new shares to be issued at a time not yet determined.
The Board of Management at the Orient Commercial Bank Vietnam (OCB) has agreed to increase the bank’s charter capital from VND3.54 trillion ($158.48 million) to VND4.5 trillion ($201.46 million).
It expects to issue some VND953 billion ($42.66 million) in shares, of which 5 per cent are bonus shares from 2014 profits, and a new issue of VND780.6 billion ($34.94 million) for targeted shareholders, excluding those already holding a certain amount of shares, Members of the Board of Management and the Supervisory Board, and the General Director.
The additional capital will be used to buy and improve infrastructure, for which VND180 billion ($8.05 million) is to be set aside, and to bolster working capital by VND773 billion ($34.60 million)
The timing of the issue will be decided upon by the Board of Directors after authorities grant approval.
In mid-October the Debt and Asset Trading Corporation (DATC) announced it would conduct an auction to sell its holding of 26,660 OCB shares at a starting price of VND4,900 ($0.22) per share.