Illustrative image (Source: VNA) Hanoi (VNA)- OCB shareholders decided at a recent meeting that there will be a change oflisting plans. The bank’s shares will now be listed on the Ho Chi Minh StockExchange and not on the Unlisted Public Company Market, or UPCoM, as decidedearlier.
In the second quarter,the lender’s annual shareholders meeting had approved a plan to list on UPCoM.
The recent meeting alsotasked OCB’s executive board with completing the required paperwork andchoosing a suitable time to list on HOSE.
The change is expectedto improve the liquidity of its shares.
Besides OCB, many otherjoint stock banks have also opted to list their shares on HOSE or on the HanoiStock Exchange (HNX) instead of trading on UPCoM.
The director of a jointstock bank based in HCM City revealed that after approving a plan to sell 50percent stakes to foreign investors, his bank would begin the process oflisting on HOSE.
On December 12 more than564 million shares of Vietnam International Joint Stock Commercial Bank (VIB)were registered with the Vietnam Securities Depository, the first step for thebank to on the stockmarket.
VIB is a bank that takesgood care of its shareholders. In 2014 it paid 9 percent in cash and 14 percentin the form of bonus shares.
In 2015 they wererespectively 8.5 percent and 16.5 percent.
Techcombank has alreadysought shareholder approval for registering with the VSD and listing onHOSE/HNX.
The executive boards ofVPBank and VietA Bank have also said they are waiting for guidelines from theState Securities Commission to complete the required procedures to list theirshares on the stock market.
The State SecuritiesCommission (SSC) issued Circular 180/2015/TT-BTC on unlisted public companies,which took effect on January 1, 2016.
According to new rulesit laid out, public companies which are not eligible for listing on the twostock exchanges and equitised enterprises must register for trading on UPCoMwithin 30 days from their registration as a public company.
Within 30 days of thelast day of an initial public offering, unlisted public companies and equitisedenterprises must register for trading on UPCoM.
The new rules were aimedat preventing eligible companies from avoiding listing and deliberatelydelisting, actions that could harm investors’ interests.
The authorities expectlisting to improve the transparency and operational efficiency of companies.
Meanwhile, accordingto data released by the SSC on November 30, 2015, more than 1,000 publiccompanies had listed neither on the stock exchange nor on UPCoM.
The new circularstipulates a deadline of December 31, 2016, for listing by companies that have notyet listed.
Because of this, manypublic companies, including joint stock banks, have been hastily completing therequired procedures to list their shares to before the deadline.
By June this year sharesof 686 companies had been traded on the two national stock exchanges, while thenumber on UPCoM stands at over 280.-VNA
VNA
