SeABank offers shares below half the market price

By Phuong Dong September 1, 2021 | 05:47 pm PT

Employees and a customer at SeABank. Photo courtesy of the bank

Private lender SeABank is offering 136 million shares to existing shareholders at the price of VND15,000 (over $0.66), lower than market value in late August by 58 percent.

New share transactions are expected to take place in the last two quarters of this year, lifting SeABank’s chartered capital to VND14.784 trillion.

Foreign shareholders also have the right to buy more shares, though their total rate of share ownership in SeABank remains capped at 5 percent.

SeABank plans to raise VND2.040 trillion through this share issuance, of which VND1.540 trillion would be lent to corporate and individual clients and replace capital mobilized from other sources. The rest would be invested in government and credit institution bonds.

By the end of June, SeABank assets stood at over VND186.930 trillion, while its bad debt ratio dropped to 1.76 percent. It made before-tax profits of nearly VND1.560 trillion in the first half of this year, compared with VND1.729 trillion in the whole of last year.