EIB registered to sell more than 6 million treasury shares

(TBTCO) – Vietnam Export-Import Commercial Joint Stock Bank (Eximbank, stock code: EIB) announced a board resolution on implementing the plan to sell treasury shares in 2023.

Accordingly, EIB approved the plan to sell 6,090,000 treasury shares for the purpose of supplementing business capital. This is the entire number of treasury shares that EIB is holding, purchased in the period from January 2, 2014 to January 16, 2014.

The expected transaction time is when the State Securities Commission announces receipt of complete documents reporting the sale of treasury shares and EIB discloses information according to regulations. The transaction term is no more than 30 days from the date the transaction begins. The bank expects the stock sale transaction to take place from December 2023 to January 2024 with the order matching method on HOSE.

The number of orders placed per day is according to regulations in Circular 120/2020/TT-BTC of the Ministry of Finance, Regulations on listing and trading of listed securities at HOSE and related documents. Specifically, from 3% to 10% of the total registered trading volume. Selling price is determined according to market price, complying with regulations of the Ministry of Finance and regulations of HOSE.

EIB registered to sell more than 6 million treasury shares
EIB registered to sell more than 6 million treasury shares. Photo: TL

The EIB Board of Directors assigns and authorizes the general director/acting general director to implement the contents of the resolution. In addition, the board of directors requires the target selling price to be no lower than 20,199 VND/share (calculated based on the average deposit interest rate from 2014 to 2023). With the above price, if the transaction is successful, it is expected that Eximbank will earn at least VND 123 billion.

At the end of the third quarter of 2023, EIB recorded pre-tax profit of 306.9 billion VND, down 75.98% compared to the same period of 1,278 billion VND. Accumulated in the first 9 months of 2023, the bank’s profit reached 1,712.1 billion VND, down 45.81% over the same period (3,172 billion VND).

On the stock market, closing the trading session on December 13, EIB shares are trading at a price of 19,000 VND/share, nearly 6% lower than the minimum average target price that EIB expects. sell treasury shares./.

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