According to Ms. Nguyen Duc Thach Diem, for the debts secured by 32.5% of STB shares of Mr. Tram Be and related persons, Sacombank has submitted settlement plans and is waiting for approval from the State Bank (SBV). The SBV inspectorate also highly appreciated Sacombank's restructuring plan, but the Bank is still waiting for SBV's opinion.
Specifically, the principal debt of the group of shares of Mr. Tram Be and related parties accumulated from 2017 to the end of 2024, Sacombank has recovered 25,612 billion VND. The remaining debt is 12,037 billion VND, of which the debt sold to VAMC is 10,538 billion VND, the receivable is 1,454 billion VND. The total interest payable under the contract up to the end of 2024 is 57,605 billion VND.
 |
| Sacombank CEO: The bank is submitting a request to handle Mr. Tram Be's 32.5% stake. |
The total shares securing the repo loan are equivalent to 32% of Sacombank's STB shares. However, all principal and repo loans have been 100% provisioned by Sacombank. The proceeds must be processed to handle all capital and interest and will be submitted to the State Bank, with the interest of 57,000 billion VND.
Sacombank has made a 100% provision for the principal balance of the above bad debt and has completely withdrawn the accrued interest from the end of the second quarter of 2022. Ms. Diem said that the approval for Sacombank to handle the stock lot as well as record the completion of restructuring will take time.
The plan to handle these shares is still difficult. Many years ago, Sacombnak also submitted a plan to handle them, but there were many difficulties so it was not approved. In 2024, STB submitted a plan in accordance with legal regulations, proposing a plan to buy back the debt sold to VAMC and re-auction it through an independent company.
According to Sacobank, the Bank is ready in terms of both responsibility and obligation, waiting for the State Bank to approve the restructuring project. If approved, it will proceed to handle the shares of Mr. Tram Be and related people, complete the obligations, and submit procedures to pay dividends to shareholders in shares to increase capital.
The capital source is from the accumulated undistributed consolidated profit until 2024. Specifically, the Bank's pre-tax profit reached VND 12,720 billion, consolidated after-tax profit was VND 10,087 billion. After setting aside funds, the Bank has more than VND 7,013 billion left. Combined with VND 18,339 billion of retained consolidated profit from the previous year, Sacombank has more than VND 25,352 billion of accumulated retained consolidated profit.
The Standing Vice Chairman of Sacombank's Board of Directors also said that if the State Bank approves the restructuring project, the Bank will proceed to handle the shares of Mr. Tram Be and related people, complete the obligations and then submit the procedures to pay dividends.
Investors assessed that Sacombank's action to submit a proposal to increase its charter capital is a positive sign, showing that this bank is very confident in its capacity and is ready for larger-scale development strategies. STB's stock price closed the trading session on April 22 with a sharp increase, surpassing the 40,000 VND/share mark.
The Sacombank restructuring project (after the merger with Southern Bank) was approved in 2016. Over the past 9 years, Sacombank has been actively handling bad debts and outstanding assets, while enhancing profit recovery. In 2024, Sacombank recovered and handled nearly VND 10,000 billion of bad debts and outstanding assets, increasing the cumulative amount to VND 103,988 billion, of which VND 76,695 billion belonged to the Project. As a result, the outstanding amounts under the Project decreased by 80.5% in scale and 25.7% in proportion compared to the time of implementation, currently accounting for only 2.4% of total assets.
Of which, for debts belonging to Phong Phu Industrial Park, Sacombank successfully auctioned the debt after 18 auctions in 2023, with a selling price of VND 7,934 billion, higher than the customer's debt obligation. To date, Sacombank has actually collected VND 1,587 billion and the rest will be collected according to the project's legal progress (expected to collect an additional 30 - 40% in 2025 and the rest will be collected completely in 2026).
Source: https://baodautu.vn/ceo-sacombank-ngan-hang-dang-tich-cuc-xu-ly-325-co-phan-cua-ong-tram-be-d273314.html
Comment (0)