Maritime Bank listing rejected

Created 27 May 2017
  • PDF
Editor Choice
Share
(0 votes, average 0 out of 5)

The Vietnam Maritime Commercial Joint Stock Bank (Maritime Bank) has failed to get approval from shareholders to trade its shares on the stock exchanges.

maritime bank listing rejected hinh 0

At the bank’s annual shareholder meeting held on May 26, 97% of shareholders disapproved of the proposal put forward by the bank’s board to list shares on one of the three major stock exchanges.

The three exchanges in question are the HCM Stock Exchange (HoSE), Hanoi Stock Exchange (HNX) and Unlisted Public Company Market (UPCoM).

The bank submitted its application for share listing to the Vietnam Securities Depository (VSD) in January 2017 and had to provide additional documents to comply with VSD requirements. Maritime Bank reapplied to VSD in early April.

Shares of Maritime Bank have been traded on the Over-The-Counter (OTC) market since June 26, 2009 under code MSB. The bank’s share price has fallen from a starting level of VND19,200 (85 US cents) per share to around VND4,000 per share.

According to the bank’s management board, the price of bank shares has remained low due to the downward trend of the economy in general and the banking sector in particular.

In 2017, Maritime Bank targets to increase its total assets, mobilised capital and lending by 15%, 17% and 14% to VND106.6 trillion (US$4.74 billion), VND72.3 trillion and VND51.75 trillion, respectively.

The bank also plans to raise its pre-tax profit slightly to VND165 billion from last year’s figure of VND164 billion. Maritime Bank plans to make dividend payouts at a rate of 5% for 2017 and zero for 2016.

Tran Xuan Quang, vice chairman of the bank’s standing management board, said at the meeting that Maritime Bank would continue provisioning its bad debts in order to make sure the bank’s operations are secure.

Maritime Bank expects its pre-provision profit for 2017 will reach VND2.2 trillion and it projects to handle VND7 trillion worth of bad debts and maintain a bad debt ratio of below 3% by the end of 2017.

 

 

Source: VNA

Maybe You Also Interesting :

» Maritime Bank to support $104m project

The Governor of the State Bank of Việt Nam (SBV) has named the Maritime Commercial Joint Stock Bank (Maritime Bank) to support the "Urban Environment and...

» VNDirect be listed on HoSE from August 18

Shares of VNDirect Securities Joint Stock Company will be traded on the HCM Stock Exchange (HoSE), starting from August 18, the southern bourse has...

» VNĐ433 billion mobilised through G-bond auction

The Hà Nội Stock Exchange (HNX) raised VNĐ433 billion (US$19 million) by auctioning Government bonds (G-bonds) issued by the State Treasury on...
loading...
loading...

Popular News Categories:

- Asia & Asean  |  EU & Russia  |  America

- Facts  |  Urban  |  Faculty  |  Environment

- Business  |  Finance  |  Market Health

- Destination  |  Cuisine  |  Arts Music

- Cinema  |  Soccer  |  Sports  |  IT & Internet