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OCB said that with the debts of two major customers, FLC Group and Dai Nam Company, OCB has completed debt collection by collecting all debts and receiving mortgaged assets in lieu of debt repayment obligations of these businesses. Both of these items have buyers, who are entitled to pay money and sell assets to a third party.
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| Orient Commercial Joint Stock Bank holds 2023 Annual General Meeting of Shareholders |
On April 28, in Ho Chi Minh City, Orient Commercial Joint Stock Bank (OCB) held the 2023 Annual General Meeting of Shareholders (AGM) to report on 2022 business results, 2023 business plan orientation and some other important contents.
According to OCB's Board of Directors, in the context of economic difficulties, increasing charter capital is necessary to help OCB improve its financial capacity and ensure the capital adequacy ratio (CAR) as prescribed by competent authorities. OCB currently has VND 7,037 billion in retained earnings, of which VND 2,943 billion is retained earnings in 2022 and VND 4,094 billion is retained earnings from previous years. To serve business activities, OCB proposes to use retained earnings and other sources of equity to increase charter capital. Specifically, the bank wants to issue nearly 685 million shares to existing shareholders, equivalent to a rate of 50%. If successful, the bank's charter capital will increase from VND 13,699 billion to VND 20,548 billion.
Responding to questions from shareholders regarding risky debts from two major customers of OCB, FLC Group and Dai Nam Company, Mr. Nguyen Dinh Tung, General Director of OCB, said that OCB has completed debt collection from FLC and Dai Nam. Both of these asset portfolios have buyers and the bank is giving a third party time to arrange the money. Regarding OCB's purchase of the 265 Cau Giay - Hanoi building from FLC for investment, when FLC encountered difficulties, OCB did not complete the name transfer procedure in 2022. OCB decided to terminate the contract and FLC also refunded the money to OCB including the penalty.
Responding to shareholders regarding dividend distribution, Mr. Trinh Van Tuan, Chairman of the Board of Directors of OCB, replied: Immediately after the 2022 General Meeting of Shareholders, OCB took steps to distribute profits to shareholders. According to the procedures, OCB has done so and has been approved by the State Bank to increase capital. However, the next procedure must be done with the State Securities Commission and the State Bank, the required documents are more detailed and complicated, so the bank must supplement them. To ensure shareholders' rights, OCB will combine profits from this year and the previous year to distribute to shareholders at once, not over time.
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