SeABank: Dividend Payment in Stock and Issuance of Bonus Shares to Raise Charter Capital to 24,537 Billion VND

05/07/2023

Southeast Asia Commercial Joint Stock Bank (SeABank), with stock code SSB, is issuing shares for dividend payment and issuing bonus shares from the owner's equity (bonus shares) at a total ratio of 20.3% to augment its charter capital from nearly 20,403 billion VND to 24,537 billion VND. This strategic move aligns with the capital expansion plan endorsed by SeABank's 2023 Annual General Meeting of Shareholders (AGM) and receives regulatory approval from the State Bank of Vietnam.

In particular, SeABank is issuing 295,200,000 shares (equivalent to a ratio of 14.5%) for the 2022 dividend payment and 118,201,732 bonus shares (equivalent to a ratio of 5.8%).

Upon completion of this share issuance, SeABank's registered capital will increase by an additional 4,134 billion VND, elevating it from nearly 20,403 billion VND to 24,537 billion VND.

The augmentation of the charter capital stands as a pivotal milestone in SeABank's strategic blueprint and trajectory, enhancing the Bank's financial capabilities to achieve its goals: implementing a convergence strategy, making strong investments in technology, comprehensively digitizing operational processes in credit, payment, customer services, diversifying product and service offerings. Consequently, this endeavor enhances operational efficiency and transactional efficacy, elevates the customer experience, and further aligns with the multifaceted requirements of all our valued customers."

Previously, SeABank effectively convened its 2023 AGM, endorsing numerous significant resolutions. SeABank is now primed to elevate its registered capital to a maximum of 25,903 billion VND through a comprehensive plan that includes the issuance of shares for dividends and bonus shares, constituting an approximate 20.3% increase. Additionally, the bank plans to privately place shares to foreign investors, comprising more than 4.6% of the total capital, alongside an employee stock ownership program (ESOP).