Sacombank wants to pay dividends after a decade, will spend thousands of billions to buy a securities company

At the annual general meeting on April 25, Sacombank's board of directors will present to shareholders the plan to increase charter capital and acquire a securities company.

Mr. Duong Cong Minh - Chairman of Sacombank Board of Directors - Photo: PHUONG QUYEN

On the afternoon of April 21, Saigon Thuong Tin Commercial Joint Stock Bank - Sacombank (STB) has just supplemented documents for the annual general meeting of shareholders for the 2024 financial year.

Specifically, the board of directors of this bank plans to submit to shareholders for approval the policy of contributing capital/buying shares of a securities company and approving the policy of increasing charter capital.

In which, the purchase of a securities company to become a subsidiary of Sacombank will have a maximum total investment value of 1,500 billion VND.

Sacombank has not yet revealed which company it will buy, but it said its capital ownership ratio in this securities company is expected to be over 50%. The consideration and decision on other specific issues will be assigned to the board of directors, Sacombank's submission stated.

In addition, Sacombank also added a proposal to increase charter capital through the issuance of shares to pay dividends to existing shareholders. At the same time, it issued bonus shares to selected employees of Sacombank.

The source of use, according to Sacombank, will be taken from the remaining accumulated retained consolidated profit after implementing profit distribution in 2024.

The above-mentioned additional surprise plan was announced by Sacombank's leaders to improve financial capacity, ensure operational safety ratio as well as meet shareholders' interests.

Also according to Sacombank, after being approved by the State Bank, the board of directors will develop a detailed plan, including the ratio of shares issued for dividend payment and the ratio of bonus shares issued to officers and employees.

The detailed plan will be consulted with shareholders in writing before implementing the procedures and documents to request permission from competent state agencies.

Thus, if approved by competent authorities and shareholders, this will be the first dividend payment after a decade of waiting for Sacombank shareholders.

Immediately after this information appeared, on the stock market, STB shares increased sharply by nearly 5%, to the price range of 40,450 VND/unit.

The last year Sacombank shareholders received dividends was in 2015. The fact that no dividends have been paid for 9 consecutive years, despite the large amount of retained earnings, has made many shareholders worried every time the general meeting of shareholders is held.

According to the audited financial report for 2024, Sacombank's undistributed profits reached VND28,426 billion at the end of last year.

The report also showed that STB's bad debt at the end of last year was VND12,955 billion, up nearly 18% from VND10,983 billion at the beginning of the year. The bad debt ratio increased from 2.27% to 2.4%. Of which, the bank's debt with the potential loss of capital was VND8,869 billion, up nearly VND4,000 billion compared to the end of 2023.

Sacombank must pay an additional 200 billion VND in taxes.

Sacombank has also just announced information related to tax obligations. Accordingly, on April 18, Sacombank received Decision No. 1112 from the Tax Department. The Decision clearly states that the total amount of tax and additional obligations the bank must pay for 2019, 2020 and 2021 is more than 196 billion VND.

Sacombank said it has paid the above amount into the state budget.

Source: https://tuoitre.vn/sacombank-muon-chia-co-tuc-sau-1-thap-ky-se-bo-nghin-ti-mua-cong-ty-chung-khoan-20250421202031132.htm