SeABank wants to increase its charter capital to a maximum of 30,000 billion VND.

Southeast Asia Commercial Joint Stock Bank ( SeABank - HoSE: SSB) recently released documents for its 2024 Annual General Meeting of Shareholders.

Accordingly, at the end of 2023, the bank's total assets reached VND 266,122 billion, an increase of 14.99% compared to the end of 2022. The bank recorded a pre-tax profit of VND 4,616 billion, achieving 100% of the plan set by the General Shareholders' Meeting.

In 2024, SeABank aims for a pre-tax profit of VND 5,888 billion, a 28% increase compared to 2023. After- tax profit is targeted at VND 4,710 billion.

Total assets are projected to grow by 10% and funding sources by 16% compared to 2023, including customer deposits, issuance of securities, and financial institutions/organizations.

At the same time, the Board of Directors of SeABank also presented to the General Meeting of Shareholders a plan to increase the charter capital from VND 24,957 billion to a maximum of VND 30,000 billion.

Specifically, SeABank plans to issue 329 million shares to pay dividends, at a rate of 13.1826%, and issue 10.3 million shares to increase its share capital from equity at a rate of 0.4127%, raising its charter capital to VND 28,350 billion. The expected completion time is in 2024.

The source of shares issued to pay dividends is the accumulated undistributed after-tax profit as of the end of 2023 according to the audited consolidated financial statements for 2023 (over VND 3,400 billion).

The source of the share issuance to increase capital from equity is the share premium as of December 31, 2023, according to the audited separate financial statements for 2023 (VND 106.2 billion).

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SeABank will issue 45 million shares under its 2024 Employee Stock Ownership Program (ESOP) to increase its charter capital by VND 450 billion. The expected issue price will be determined by the Board of Directors, but will not be lower than the par value of VND 10,000 per share.

In addition, SeABank plans to offer up to 120 million shares in a private placement with a par value of VND 10,000 per share, increasing its charter capital by VND 1,200 billion.

The issuance will be conducted through one or both methods: a private placement of shares to professional securities investors or the issuance of shares to exchange debt for foreign partners. The offering is expected to take place in 2024-2025, subject to approval by the State authorities.

This issuance plan will replace the private placement of 94.6 million shares approved by the 2023 Annual General Meeting. At the end of 2023, SeABank ceased implementing the private placement plan for the Norwegian Fund for Investment in Developing Countries (Norfund).

According to SeABank, further capital injections are essential and crucial for achieving the bank's growth targets in the current period. This forms the basis for further enhancing operational capacity, promoting development, and strengthening financial capabilities.

SeABank also plans to acquire shares in ASEAN Securities Joint Stock Company to make it a subsidiary of SeABank.

ASEAN Securities Joint Stock Company was established in 2006 with a charter capital of VND 1,000 billion. The company's head office is located on the 4th, 5th, 6th, and 7th floors, No. 3 Dang Thai Than Street, Phan Chu Trinh Ward, Hoan Kiem District, Hanoi .

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SeABank's expected shareholding ratio will be a maximum of 100% of Asean Securities' charter capital at the time of implementing and executing the share purchase transaction.

The Board of Directors decided on the specific shareholding ratio of SeABank in Asean Securities to ensure that Asean Securities becomes a subsidiary of SeABank.

The Board of Directors also presented to the General Meeting of Shareholders a plan to elect one additional member to the Board of Directors and one additional member to the Supervisory Board, bringing the total number of members to eight on the Board of Directors and four on the Supervisory Board.

SeABank's Annual General Meeting is scheduled to be held at 8:00 AM on April 17th at the Sheraton Grand Danang Resort, 35 Truong Sa Street, Hai Hoa Ward, Ngu Hanh Son District, Da Nang .

Source: https://www.nguoiduatin.vn/seabank-muon-tang-von-dieu-le-len-toi-da-30-000-ty-dong-a656461.html