VPBank offers stock dividend payment
By Thanh Thuong - The Saigon Times Daily
HCMC – The board of directors of Vietnam Prosperity Bank, or VPBank, said at the joint stock bank’s annual general meeting on Tuesday that it would pay a stock dividend even though shareholders wanted cash.
|Shareholders of VPBank cast a vote at the annual general meeting on Tuesday - Photo: Thanh Thuong |
A representative of the board explained the bank would rack up losses if it offered shareholders a cash dividend. Meanwhile, the stock dividend payment will help it secure capital and also raise chartered capital.
VPBank plans to raise its chartered capital to over VND5.7 trillion this year after shareholders finally agreed to receive the 2011 stock dividend at 13.46% and bonus shares at 0.79%. The plan is expected to be completed in June, supporting the bank in developing business, investment and information technology.
The bank also said it had no plan for listing on the bourse, citing unfavorable stock market conditions.