OCB sets the final registration date for stock dividend distribution.

Orient Commercial Bank (OCB ) has just announced unusual information regarding the issuance of shares to pay dividends.

Accordingly, OCB plans to issue nearly 411 million additional shares with a rights exercise ratio of 5:1 (each shareholder owning 5 shares will receive 1 right, and for every 1 right, they will receive 1 new share).

The final registration date for determining the list of shareholders entitled to receive stock dividends is August 30th.

The source of funding is the accumulated undistributed after-tax profit as of December 31, 2023, as determined by the audited consolidated financial statements. After the issuance, OCB's charter capital is expected to increase from VND 20,548 billion to nearly VND 24,658 billion.

Previously, the State Bank of Vietnam approved OCB's request to increase its charter capital by a maximum of nearly 4,110 billion VND through the issuance of shares to pay dividends, in accordance with the capital increase plan approved by the bank's General Meeting of Shareholders.

The funds raised from the capital increase will be used to purchase and build infrastructure (invest in information technology; upgrade assets, basic construction; equip fixed assets, tools and equipment) and to supplement business capital and provide loans.

Of that amount, 1,204 billion VND was allocated for procurement and construction of facilities, and 2,906 billion VND was used to supplement business capital, investment, and lending.

Recently, OCB also announced the list of shareholders owning 1% or more of the charter capital.

Accordingly, OCB's strategic partner, Aozora Bank, which currently holds 308.2 million shares, equivalent to 15% of the bank's charter capital, is expected to receive an additional 61.6 million shares.

In addition to the above plan, OCB also plans to offer a maximum of 882,353 shares in a private placement with a total expected offering value of over 8.8 billion VND.

The offering price will not be lower than the book value per share of the bank at the end of the quarter most recent to the date of issuance.

OCB also plans to issue 5 million shares under its employee stock option program (ESOP) at a price of VND 10,000 per share.

If all three options are successful, OCB's charter capital will increase from VND 20,548 billion to VND 24,717 billion.

Source: https://www.nguoiduatin.vn/ocb-chot-ngay-dang-ky-cuoi-cung-chia-co-tuc-bang-co-phieu-204240815190206278.htm