The State Bank asked Eximbank to explain to shareholders the sale of Sacombank’s STB shares below the minimum price of 13,000 VND/share.
Export-Import Commercial Joint Stock Bank (Eximbank – EIB) has just released the documents of the 2022 Annual General Meeting of Shareholders.
Notably, at the meeting, Eximbank will report to the General Meeting of Shareholders on the results of the transfer of STB shares of Sacombank even though the divestment was done 4 years ago.
Specifically, on May 7, 2018, the Banking Supervision Agency sent a document to Eximbank, requiring the Board of Directors of Eximbank to report the results of the transfer of STB shares at the General Meeting of Shareholders. most recently, in which, fully reported the transfer of STB shares below the minimum price of 13,000 dong/share, leading to a decrease in Eximbank’s income for the General Meeting of Shareholders to comment on this issue.
In case the General Meeting of Shareholders unanimously approves, the Board of Directors, Supervisory Board, and Executive Board of Eximbank must seriously review, learn from experience, and propose to deal with relevant organizations/individuals themselves.
In case Eximbank’s General Meeting of Shareholders does not agree/approved or request to consider responsibility for this content, the Board of Directors, Supervisory Board, and Board of Management of Eximbank must specify the responsibilities of organizations and individuals. related, responsible for reimbursement of more than 6.3 billion VND (excluding taxes and fees), and at the same time, handle or propose competent authorities to handle or propose competent authorities handle in accordance with the law and take responsibility before the law for any damage/loss caused to the bank.
The minimum price of 13,000 VND/share is stated in the transfer plan of Eximbank in Document No. 5287A/2017/EIB-TGD dated August 16, 2017 and approved by the Banking Inspection and Supervision Department of Ho Chi Minh City. Ho Chi Minh City in Document No. 1503/ Department II.4.
The document of the State Bank is from 2018 but Eximbank’s 2022 General Meeting of Shareholders will only report to shareholders. From 2018 up to now, this issue has never been included in the agenda of the annual General Meeting of Shareholders.
This bank has also continuously failed to successfully organize the General Meeting of Shareholders in the past 4 years, until February last successfully held the 2nd Annual General Meeting of Shareholders in 2021.
Eximbank said that before November 2017, Eximbank owned 165,229,636 STB shares, equivalent to 8.76% of STB’s charter capital and was a major shareholder of STB.
To ensure compliance with the State Bank’s regulations on share ownership ratio in credit institutions, Eximbank needs to sell STB shares that Eximbank is holding to less than 5% of its voting shares. STB.
Accordingly, the bank sold and matched directly STB shares on HoSE. Specifically, the lot with the matching price of 13,000 VND/share or more has the quantity of more than 142.4 million shares, the average selling price is 14,279 VND/share, equivalent to the total sale price of more than 2,033 billion VND. The lot with the matching price below 13,000 VND/share is more than 22.8 million shares, the average selling price is 12,722 VND/share, equivalent to more than 290 billion VND.
Thus, the total amount collected is more than 2,323 billion VND, the average selling price is 14,064 VND/share. The cost of the investment was VND 1,672 billion, so the bank recorded a profit of more than VND 647 billion (after deducting transaction fees).
Eximbank believes that the divestment result of the investment is profitable and has largely contributed to Eximbank’s overall profit in the 2017-2018 period. The average selling price of all STB shares is 14,065 VND/share, higher than the minimum price of 13,000 VND/share.
The transaction of 22.8 million shares with the price of less than 13,000 VND/share, although not meeting the documents sent to the SBV, but ensured the goal of divestment of Eximbank at STB at the request of the SBV and made a profit.
In addition to reporting the results of divestment from Sacombank, at the AGM, Eximbank will also submit to shareholders for approval the business plan in 2022 with a fairly high growth target.
Specifically, in 2022, the bank aims to increase total assets by 7.9% to VND 179,000 billion. Capital mobilization increased by 7.4% to 147,600 billion VND, outstanding loans increased by 10% to 127.149 billion VND. The target profit before tax is 2,500 billion, up 107.5% compared to 2021. The bank also plans to reduce the bad debt ratio from 1.96% at the end of 2021 to less than 1.7% in 2022.
at Blogtuan.info – Source: Soha.vn – Read the original article here
