By Thuy Trieu - The Saigon Times Daily
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| Customers make transactions at Western Commercial Bank. The bank has backed off from listing to allow for transfer of shares among major stakeholders - Photo: Courtesy of Western Commercial Bank |
HCMC – Western Commercial Bank has asked for permission to withdraw listing procedures from the Hochiminh Stock Exchange after getting initial listing approval from the stock regulator.
The Can Tho City-based lender said it had to complete share transfers of some big shareholders and adjust ownership information in the prospectus. Under current regulations, major shareholders are not allowed to transfer shares during the process from listing approval to the debut date, an official of the bank explained.
The lender earlier expected the listing to take place in the first quarter of this year. It has plans to increase the chartered capital from VND1 trillion to VND2 trillion after the listing.
The bank obtained VND160 billion in pre-tax profits last year and targets to raise the figure to around VND360-370 billion in 2010.