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Bank to issue 15m convertible bonds   2010-01-10 - VNS

Sai Gon Ha Noi Bank (SHB) has got the nod from the State Securities Commission to issue 15 million convertible bonds valued at VND1.5 trillion (US$81 million).

As many as 10 million convertible bonds will be reserved for existing shareholders at a ratio of 20:1. Bonds for shareholders have been priced at the face value of VND100,000 ($5.41) each.

The remaining 5 million convertible bonds will be issued to institutional investors and the public at VND125,000 ($6.75) each.

Bonds will mature after 12 months with an annual coupon of 10.48 per cent. Prior to maturity these bonds will be converted to shares at a ratio of 1:10.

The deadline for registration to buy bonds is January 18.

Under the plan approved at a shareholder meeting on November 14, the SHB will follow regulatory procedures to list convertible bonds on the Ha Noi Stock Exchange.

The Ha Noi-based bank has submitted a proposal to the State Bank of Viet Nam to issue additional shares with a view to raising capital of VND3.5 trillion ($189.18) on top of the VND2 trillion ($108.11) already raised last year.

It expects to have VND5 trillion ($270.27) in charter capital by early next year.

At the end of the third quarter of 2009, the bank had total assets of VND21.15 trillion ($1.14 billion), up 47.10 per cent from 2008.

Pre-tax profit was recorded at VND336.47 billion ($18.19 million), 14 per cent higher than it had targetted.

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