OCB spends 1,500 billion VND to buy back bonds before maturity

On May 15, the Hanoi Stock Exchange (HNX) announced the results of the early bond buyback of Orient Commercial Joint Stock Bank (Stock code: OCB , HoSE).

Specifically, on May 10, OCB repurchased all VND1,500 billion of outstanding bonds with code OCBH2124001 before maturity.

It is known that this bond lot was issued on May 10, 2021, with a term of 3 years, without collateral. The actual fixed issuance interest rate is 4.2%/year.

The purpose of issuance is to increase the scale of working capital to serve the lending needs in OCB's business operations.

The issuance was arranged by Vietnam International Securities JSC together with Rong Viet Securities JSC and fully purchased by a securities company.

Recently, OCB's Board of Directors approved the implementation of the plan to increase charter capital in 2023, through issuing shares to existing shareholders from equity capital according to the Resolution of the General Meeting of Shareholders dated April 28.

Specifically, this bank plans to issue nearly 685 million shares to existing shareholders at an issuance rate of 50%. Accordingly, each shareholder owning 1 share will receive 1 right, every 2 rights will receive 1 new share.

Implementation time in 2023, based on the approval of the State Bank and after the State Securities Commission announces receipt of full documents reporting the issuance of shares to increase OCB's equity capital.

If the issuance is successful as expected, OCB will increase its charter capital to VND20,548 billion.

Regarding business performance, in the first quarter of 2023, OCB recorded net interest income of VND 1,751 billion, up nearly 5% over the same period last year; pre-tax profit reached more than VND 983 billion, up 17.7%.

(Source: Dai Doan Ket Newspaper)

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Source: https://vtc.vn/ocb-chi-1-500-ty-dong-mua-lai-trai-phieu-truoc-han-ar772456.html