Vietnam Export Import Commercial Bank (Eximbank - HoSE: EIB) has just announced unusual information regarding the results of its treasury stock transactions.
Accordingly, the bank sold zero treasury shares during the registration period from January 15th to February 7th, citing the reason that the market price did not meet expectations compared to the target selling price. Specifically, during this period, EIB shares experienced several volatile trading sessions, with the market price fluctuating between VND 18,700 and VND 20,200 per share.
However, this stock did not close higher than the average target price of VND 20,199 per share announced by the bank (calculated based on the average deposit interest rate from 2014 to 2023).
The chart shows the price movements of EIB shares over the past 3 months (Image: FireAnt).
Previously, on January 3rd, the bank announced a resolution of its Board of Directors approving the plan to sell nearly 6.1 million treasury shares to raise working capital.
Prior to the transaction, Eximbank owned nearly 6.1 million shares. This represents all of Eximbank's treasury shares, purchased between January 2nd, 2014 and January 16th, 2014.
The expected transaction time is after the State Securities Commission announces receipt of all documents reporting the sale of treasury shares and Eximbank discloses information as required. The transaction period shall not exceed 30 days from the start of the transaction.
The planned share sale transaction will take place using the chosen method of order matching on the HoSE. The daily buy/sell order quantity is regulated by Clause 3, Article 8 of Circular 123 of the Ministry of Finance .
Specifically, on each trading day, the total volume of sell orders must be a minimum of 3% and a maximum of 10% of the total registered trading volume. The selling price is determined according to market price, in compliance with the regulations of the Ministry of Finance and the regulations of HoSE.
On the stock market, during the morning trading session on February 21st, EIB shares were fluctuating around 18,750 VND per share with a trading volume of over 8.5 million units .
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